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Strong Start By NZ Sharemarket

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Nov 6 NZPA - The New Zealand sharemarket started strongly after stocks jumped in the United States and Europe as better-than-expected US jobs data improved investor confidence.

Telecom shares were up 7c early to 255 after the company reported it lifted first quarter net earnings 9 percent to $163 million.

But revenue fell, with the profit result due in part to a $43m one-off effect from changes in tax law.

Nuplex shares gained 10c to 250, with the resins and chemicals maker saying it expects full year profit to rise by as much as 78 percent.

Fletcher Building shares lifted 14c to 800, after falls during the past three days had knocked 26c off the share price.

Around 10.15am the benchmark NZSX-50 index was up 29.92 points to 3174.42, after falling 22.2 points yesterday.

Among other shares rising early Port of Tauranga gained 5c to 705, NZX was up 5c to 790, Sky TV rose 4c to 484, Steel & Tube was up 4c to 312, Hallenstein Glasson lifted 3c to 318, Contact Energy gained 3c to 602, and Rakon was up 3c to 119.

US stocks rose sharply, after a rise in business productivity and a drop in jobless claims boosted confidence in the economy, while strong results from Cisco bolstered tech stocks.

The Dow Jones industrial average was up 2.1 percent to end unofficially at 10,005.96, the Standard & Poor's 500 Index was up 1.9 percent at 1066.63, and the Nasdaq Composite Index was up 2.4 percent at 2105.32.

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