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NZ Sharemarket Lifts Modestly In Early Trade

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, March 2 NZPA - The New Zealand sharemarket rose in early trading, following a good show by equities in Europe and the United States.

Fletcher Building was prominent among stocks rising early, adding 5c to 798, while Cavalier Corporation also showed early good form gaining 4c to 270.

Trustpower added 2c to 727 and NZX was up 2c to 206, while among the leaders Telecom eased 1c to 220 but Contact Energy slipped 1c to 622. NZ Oil & Gas was down 2c to 151.

Around 10.15am the benchmark NZX-50 index was up 5.46 points to 3169.61, on top of an 8-point gain yesterday, which was the market's fourth consecutive daily gain.

Dual-listed Westpac was up 10c early to 3400, while Goodman Fielder added 5c to 200.

In the US stocks rose for a second straight day, boosted by news that British insurer Prudential would buy American International Group's insurance unit in Asia for $US35.5 billion ($NZ50.75b).

Based on preliminary figures, the Dow Jones industrial average closed up 0.8 percent to 10,403.79, the Standard & Poor's 500 Index rose 1 percent to 1115.68s, and the Nasdaq Composite Index climbed 1.6 percent to 2273.57.

The pan-European FTSEurofirst 300 closed up 1.1 percent as firm commodity prices lifted mining and oil shares.

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