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NZ sharemarket strong for fourth consecutive day

Fuseworks Media
Fuseworks Media

Wellington, Sept 6 NZPA - The New Zealand sharemarket rose for the fourth consecutive day after investors' risk appetite was boosted with a better-than-anticipated US payrolls report.

The United States numbers showed only 54,000 people lost their jobs in August, compared to the 100,000 predicted, slightly lifting optimism.

The sharemarket seemed unmoved by Saturday's massive 7.1 force Christchurch earthquake, which caused an estimated $2 billion worth of damage -- though some companies were negatively affected by the disaster.

The benchmark NZX-50 index opened up 16.673 points, or 0.537 percent, at 3124.102, with the majority showing gains.

The country's largest construction and building supplies company Fletcher Building, set to benefit from Christchurch reconstruction, went up 29c to 805.

Others showing gains were Steel & Tube, up 13c to 233, New Zealand Refining, up 4c to 324, New Zealand Oil & Gas, up 1c to 121, and Mainfreight 1c to 681.

Telecom rose 1c to 206, Sky City rose 2c to 295, and Hellaby Holdings rose 2c to 207.

Goodman Property fell 1c to 93, despite reporting its portfolio was largely unaffected by the earthquake. Full engineering inspections and structural reviews are to be completed over the next few days.

Property for Industry, which has two properties in Christchurch, fell 1c to 114 and AMP Office Trust fell 1c to 74.

The Warehouse dropped 1c to 364 after closing eight Christchurch stores, its South Island distribution centre, and four Warehouse Stationary stores on Saturday to inspect whether the buildings were structurally sound.

The major retailer said all stores reopened today. Distribution centre operations were set to resume during the week, so alternative arrangements have been implemented.

Air New Zealand dropped 1c to 129, NZ Farming Systems Uruguay dropped 1c to 69, and Tower fell 1c to 180.

In the US, The Dow Jones industrial average shot up 127.83 points, or 1.24 percent, to 10,447.93, marking a move back into the black for the year. The Standard & Poor's 500 Index gained 14.41 points, or 1.32 percent, to 1104.51. The Nasdaq Composite Index rose 33.74 pointes, or 1.53 percent, to 2233.75.

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