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New Zealand Sharemarket Opens Positively On Small Volumes

Fuseworks Media
Fuseworks Media

Wellington, Jan 26 NZPA - The New Zealand sharemarket was up more than a quarter of a percent this morning, led again by market heavyweight Telecom.

The benchmark NZSX-50 index rose 7.0 points, or 0.259 percent, to 2712.086 in the first few minutes of trading today.

Telecom was the heaviest traded stock, and was up 1c, or 0.4 percent, to 254. The company also outperformed the rest of the market at the end of last week.

Kiwi Income Property Trust rose 1c to 104 and Fletcher Building was up 5c to 560 , both on much smaller volumes.

Losing ground in the top 50 were The Warehouse, down 8c, or 2.16 percent to 362, Nuplex falling 5c to 290 and Steel & Tube, losing 3c to 280. In Australia financial markets are closed today for the Australia Day public holiday.

Meanwhile, in the United States investors' ambivalence about earnings reports left Wall Street with a mixed performance Friday, US time.

Stocks ended a volatile session well off their lows. A sizeable comeback Friday was the latest back-and-forth seen throughout a turbulent week. The Dow tumbled 4 percent Tuesday, jumped 3 percent Wednesday and fell again Thursday. Volatility has been more the rule than the exception in recent trading as investors sort through a plethora of wide-ranging earnings reports.

The Dow industrials fell 45.24, or 0.56 percent, to 8,077.56. The Dow had been down more than 200 points early in the day and briefly moved into positive territory.

The Standard & Poor's 500 index rose 4.45, or 0.54 percent, to 831.95, while the Nasdaq composite index rose 11.80, or 0.81 percent, to 1,477.29.

For the week, the Dow was down 2.46 percent, the S&P 500 is down 2.1 percent and the Nasdaq is ending off 3.4 percent.


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