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Sound Early Gains On NZ Sharemarket After US Stocks Jump

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, July 21 NZPA - The New Zealand sharemarket started the day with sound gains after stocks in the United States jumped, driving the S&P 500 to an eight-month closing high.

In this country Fletcher Building gained 8c early to 690, while among other leading stocks Telecom was up 2c to 275 and Contact Energy gained 3c to 593.

Around 10.15am the benchmark NZSX-50 index was up 19.35 points to 2840.26. After climbing on each of the five previous trading days the index was early today back at levels last seen in early June.

The early risers today included Mainfreight up 7c to 414, Port of Tauranga up 5c to 615, Hellaby Holdings up 4c to 116, Cavalier Corporation up 4c to 196, and Auckland Airport up 3c to 158.

Shares lifting 2c included Sky City to 288, Ryman Healthcare to 154, Rakon to 142, Air New Zealand to 95, Tower to 173, and Steel & Tube to 290.

In the US, the rise in stocks came after CIT Group Inc was thrown a lifeline to avoid bankruptcy, and investors bet corporate America would log another strong set of earnings this week.

Broker upgrades of technology bellwethers, including Cisco Systems, propelled the Nasdaq to its ninth straight daily advance -- matching a streak from July 1998. The Nasdaq closed at a high for the year.

The Dow Jones industrial average shot up 1.2 percent to 8848.15, the Standard & Poor's 500 Index gained 1.1 percent to 951.13, and the Nasdaq Composite Index rose 1.2 percent to 1909.29.

The rally extended the market's recovery since the 12-year lows in early March. The Nasdaq hit its highest close since October 2008, while the Dow registered its highest close since January 2009.

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