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NZ Sharemarket Up Early

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Sept 21 NZPA - The New Zealand sharemarket lifted in early trade as Fletcher Building, now the market's top stock, gained 1.6 percent.

Around 10.15am the benchmark NZSX-50 index was up 9.45 points to 3165.91, its highest level since last October. On Friday the index edged up 3.7 points.

Fletcher Building, which has passed Telecom when measured by market capitalisation, was up 13c early at 845, while Telecom lifted 1c to 268.

Other shares gaining early included Sanford, up 8c to 495, Mainfreight up 7c to 540, Restaurant Brands up 6c to 125, and Cavalier Corporation up 3c to 265.

Shares falling early included Port of Tauranga, down 16c to 664, Freightways down 8c to 312, Contact Energy down 4c to 594, and NZ Oil & Gas down 4c to 169.

In the United States, stocks rose on Friday (local time) as Procter & Gamble and major home builders advanced on positive brokerage comments and investors bet the economic recovery will be strong enough to sustain corporate profits.

The Dow Jones industrial average hit a new 11-month high and capped its best week in two months.

The Dow was up 0.4 percent at 9820.20, the Standard & Poor's 500 Index was up 0.3 percent at 1068.30, and the Nasdaq Composite Index was up 0.3 percent at 2132.86.

It was the market's second straight week of gains, with the Dow up 2.2 percent, the S&P 500 up 2.5 percent and the Nasdaq advanced 2.5 percent.

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