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Positive Start To Week By NZ Sharemarket

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Sept 7 NZPA - The New Zealand sharemarket started the week positively, with investors again showing interest in Fletcher Building shares.

After gaining 28c in total on the last two trading days of last week, Fletcher Building shares gained another 6c early today to 792, as hope rises that New Zealand is out of recession and indications point to strength in the Australian economy.

Around 10.15am the benchmark NZSX-50 index was up 10.71 points to 3109.04, after it lifted 6.6 points on Friday.

Other shares lifting early included Mainfreight up 5c to 490, NZ Refining Co up 4c to 499, Freightways up 3c to 300, Methven up 2c to 152, and Auckland Airport up 2c to 179.

Leading stock Telecom was down 6c to 273, and Sky TV lost 6c to 440.

Sky City lost 6c to 320 and NZX dropped 8c to 762 early, but both were on low volume.

In the United States, stocks closed higher on Friday (local time) as investors focused on the bright side of a mixed payrolls report that showed smaller-than-expected job cuts in August, although the unemployment rate hit a 26-year high.

Gains were broad-based, with technology shares leading the charge.

The Dow Jones industrial average climbed 1 percent to end at 9441.27, the Standard & Poor's 500 Index gained 1.3 percent to 1016.40, and the Nasdaq Composite Index rose 1.8 percent to close at 2018.78.

But for the week, the Dow was down 1.1 percent, the S&P 500 was off 1.2 percent and the Nasdaq lost 0.5 percent due to a sharp sell-off in the first three days of the week.

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