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NZ Sharemarket Lifts Early

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Nov 5 NZPA - The New Zealand sharemarket rose in early trading, after the United States Federal Reserve said it would keep interest rates near zero for "an extended period" even as it expressed confidence in an economic recovery.

Among leading shares in this country Fletcher Building gained 6c early to 805 after losing 12c yesterday, while Telecom was up 2c to 256.

Around 10.15am the benchmark NZSX-50 index was up 12.72 points to 3179.42, having gained 7.7 points yesterday.

Other early risers today included Port of Tauranga up 5c to 700, South Port 4c to 265, Freightways 3c to 308, and New Image 3c to 60.

Stocks lifting 2c early included Infratil to 160, Fisher & Paykel Healthcare to 314, Rakon to 116, F&P Appliances to 64, Hellaby Holdings to 168, Briscoe Group to 115, and Nuplex to 245.

NZ Wine Co lost 10c early to 2000, while retailer Kirkcaldie & Stains was up 20c, or 8 percent, to 270 -- both on light volume.

In the US stocks rallied but lost steam after the Fed's announcement.

The Dow Jones industrial average gained 0.3 percent to end unofficially at 9801.83, the Standard & Poor's 500 Index gained 0.1 percent to finish unofficially at 1046.50, while the Nasdaq Composite Index dropped 0.1 percent to close unofficially at 2055.52.

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