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Modest Early Gain For NZ Sharemarket

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Sept 9 NZPA - The New Zealand sharemarket gained modestly in early trading as top stock Telecom lifted 1.5 percent, but a recent rally in Fletcher Building shares went into reverse.

Telecom shares were up 4c early to 275, while Fletcher Building was down 9c to 795, after having risen more than 50c in the past five trading days to a three-week intraday high of 807 yesterday.

Around 10.15am the benchmark NZSX-50 index was up 4.38 points to 3125.93, after easing 1.1 points yesterday.

Among shares rising early were Freightways, up 6c to 312, NZ Refining Co up 3c to 498, Fisher & Paykel Healthcare up 3c to 341, Tourism Holdings up 2c to 59 and Cavalier Corporation up 2c to 252.

Along with Fletcher Building, another leading stock, Contact Energy, was down early, losing 3c to 605.

In the United States, stocks advanced on an uptick in corporate deal activity while the weak US dollar led to gains in commodities, lifting shares of oil and mining companies.

Kraft Foods Inc, North America's biggest food company, said it was intent on pursuing Britain's Cadbury despite the confectionary company's rejection of a $US16.7 billion ($NZ24.3b) Kraft bid made on Monday.

The Kraft bid comes after France Telecom and Deutsche Telekom announced plans to merge their British mobile units.

Last week, Walt Disney Co's said it will buy Marvel Entertainment Inc for $US4b, fueling hopes of a pick-up in merger activity.

The Dow Jones industrial average closed up 0.6 percent at 9497.34, the Standard & Poor's 500 Index rose 0.9 percent at 1025.38, and the Nasdaq Composite Index gained 0.9 percent at 2037.77.

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