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NZ Sharemarket Gains Early

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Aug 28 NZPA - The New Zealand sharemarket lifted in early trade, helped by gains for Auckland International Airport shares after the company published its annual result.

The airport reported a 63.1 percent fall in full year net profit to $41.7 million, but when the result was adjusted for the revaluation of investment property, and restructuring costs, underlying net profit rose 2.1 percent to $105.9m. Revenue grew 5.2 percent to $369.2m.

Around 10.20am the benchmark NZSX-50 index was up 13.4 points to 3089.81, having lost 14.5 points yesterday.

Among stocks rising early, Nuplex was up 11c to 246, on top of a 19c lift yesterday when it announced a 3.5c special dividend.

Top stock Telecom lifted 5c to 276, while NZX added 10c to 775 on low volume. Pike River Coal was up 3c to 104 and Infratil added 3c to 174.

Hellaby Holdings lost 12c early to 115, having lost 10c yesterday after taking a $4.6m impairment for the BBQ Factory after the buyer failed to make payments on an agreed timetable.

Port of Tauranga lost 10c early to 650, Contact Energy was down 8c to 630, Mainfreight slipped 4c to 520 and NZ Refining Co dropped 4c to 530.

In the United States, equities rebounded, lifted by financial stocks, with crude oil bouncing off two days of declines on the turn in Wall Street sentiment.

The Dow Jones industrial average closed up 0.4 percent at 9580.63, the Standard & Poor's 500 Index rose 0.3 percent at 1030.98, and the Nasdaq Composite Index climbed 0.2 percent at 2027.73.

The late afternoon rally took US stocks back to levels last seen in October.

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