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Small Early Gain For NZ Sharemarket

Fuseworks Media
Fuseworks Media

Wellington, Nov 3 NZPA - The New Zealand sharemarket made small early gains following yesterday's 1 percent fall and a rocky session on Wall Street.

Around 10.15am the benchmark NZSX-50 index was up 2.46 points to 3186.2, having fallen 31.9 points yesterday.

Shares in NZ Refining Co were up 4c to 524 after it was revealed a consortium of the NZ Superannuation Fund and Infratil was negotiating with Shell over possibly buying Shell New Zealand's refining, and distribution and retailing businesses. That includes a 17.1 percent stake in NZ Refining.

Infratil shares were down 1c early to 164.

Fisher & Paykel Healthcare gained 4c to 310, Trustpower was up 3c to 760, Fletcher Building lifted 3c to 815, Mainfreight was up 3c to 536, and Michael Hill International lifted 2c to 68.

Contact Energy shares fell 4c early to 614, Methven was down 3c to 164, Port of Tauranga was down 2c to 700, The Warehouse lost 2c to 451, and Auckland Airport fell 2c to 195.

In the US, stocks pushed mostly back into positive territory, but were off session highs, as a sell-off in banking shares reversed initial gains built on solid economic data.

Key data on manufacturing and housing pointed to steady improvement in the economy, but critical comments on the financial sector from a Federal Reserve official caused investors to sell financial shares.

The Dow Jones industrial average gained 0.5 percent to 9757.47, the Standard & Poor's 500 Index gained 0.2 percent to 1038.65, and the Nasdaq Composite Index dropped 0.2 percent to 2041.65.

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