NZ sharemarket starts well

Friday 3rd December 2010

The New Zealand sharemarket rose early as key stock Telecom added to gains from yesterday to be near its seven-month high reached in mid-November.

Telecom (NZX: TEL ) shares gained 3c yesterday and another 3c early today to be at 221, just 1c down on the mid-November peak of 222.

Another major stock, Fletcher (NZX: FBU ), lifted 4c early to 795, adding to a 4c gain yesterday.

Around 10.15am the benchmark NZX-50 index was up 14.51 points to 3299.99, adding to a gain of 20.4 points yesterday.

Sky (NZX: SKT ) was up 5c early to 520, while Sky City (NZX: SKC ) added 2c to 314.

In the United States, stocks continued the strong start to December into a second day, as strong retail sales and a healthy reading on the housing market helped boost major indexes.

According to preliminary calculations, the Dow Jones industrial average was up 1 percent to close at 11,362, the S&P 500 rose 1.3 percent to 1221, and the Nasdaq composite index rose 1.2 percent to 2579.

NZPA

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