Recommended.co.nz | Guide2.co.nz | Voxy.co.nz | Gimme.co.nz
Homepage | login or create an account

Strong Start For NZ Sharemarket

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Nov 24 NZPA - The New Zealand sharemarket started strongly today after stocks surged in Europe and the United States.

Upbeat economic news in the euro zone and better-than-expected US home sales data bolstered appetite for riskier assets.

Around 10.15am the benchmark NZSX-50 index was up 21.2 points, or 0.7 percent, to 3134.17, after yesterday edging up just 0.7 points on light volume.

Leading the surge in this country was the NZ Refining Co, with its shares gaining 57.4c, or 13 percent, early to 498.

Fletcher Building was up 9c to 780 early, Port of Tauranga up 5c to 705, Mainfreight up 5c to 560, The Warehouse up 5c to 410, and Freightways up 5c to 315.

Other stocks to gain included Nuplex up 3c to 250, Fisher & Paykel Healthcare 3c to 324, Postie Plus 3c to 43, PGG Wrightson 3c to 70, Telecom 2c to 250, Steel & Tube 2c to 290, Sky City 2c to 333, Ryman 2c to 197, and Air NZ 2c to 129.

The main early fall was Ebos Group, which lost 5c to 590.

In the United States, stocks snapped a three-day losing streak as stronger-than-expected home sales fuelled optimism while a weaker US dollar boosted commodity-linked stocks.

Preliminary figures put the Dow Jones industrial average up 1.3 percent to end unofficially at 10,450.95. the Standard & Poor's 500 Index was up 1.4 percent to finish unofficially at 1106.24, and the Nasdaq Composite Index was up 1.4 percent to close unofficially at 2176.01.

Credit Card Comparison TablesCompare Credit Cards - Independent interest rate and fees comparisons for New Zealand banks.

About guide2.co.nz : money

Find the latest money news and 'how to' guides on Guide2Money.

Ask our researchers your personal finance questions.

Your Questions. Independent Answers.