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NZ Shares Rise Early

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Feb 2 NZPA - The New Zealand sharemarket rose in early trading, following four trading days of losses, after United States stocks jumped as manufacturing sector data came in better than expected.

Shares in Auckland Airport were up 5.6c to 196 after the lifting of a trading halt in place since last Wednesday while the company raised funds.

Around 10.15am the benchmark NZX-50 index was up 18 points, or 0.57 percent, to 3168.97, having fallen 13.7 points yesterday when trading was reduced by the Auckland Anniversary Day holiday.

Shares rising 5c early included Fletcher Building to 795, Sky TV to 475, Sky City to 330, and NZ Refining Co to 367.

Among other early risers were Nuplex, up 4c to 325, Contact Energy up 3c to 583, Telecom up 2c to 239, Pike River Coal up 2c to 97, and NZ Oil & Gas up 2c to 151.

In the US, stocks rose as investors scooped up beaten-down shares following a recent sell-off after the reassuring manufacturing data and upbeat results from Exxon Mobil Corp.

Based on preliminary data, the Dow Jones industrial average rose 1.2 percent to finish unofficially at 10,185.53, the Standard & Poor's 500 Index gained 1.4 percent to 1089.19, and the Nasdaq Composite Index climbed 1.1 percent to 2171.20.

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