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NZ sharemarket starts week with early gain


Monday 20th June 2011

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The New Zealand sharemarket was modestly higher in the first few minutes of trading for the new week, with leading stocks recording gains.

Fletcher Building was up 3c early to 865, Contact Energy lifted 3c to 578, Pyne Gould Corp was up 2c to 38, Freightways added 2c to 340, PGG Wrightson was up 1c to 51, Air New Zealand edged up 1c to 111, Auckland Airport gained 1c to 225, and Telecom crept 0.5c higher to 238.5.

Around 10.15am the benchmark NZX-50 index was up 6.6 points to 3476.19, after losing 12 points on Friday.

Among shares falling early today OceanaGold lost 20c to 300, Mainfreight lost 7c on low volume to 1003, and Restaurant Brands was down 2c to 253.

In the United States, the Dow Jones industrial average and the Standard & Poor's 500 Index rose on Friday (local time) after France and Germany outlined an agreement to aid debt-burdened Greece.

Research In Motion US-listed shares sank 21.5 percent in its busiest day of trading in almost six years. The BlackBerry maker's sour results pushed the Nasdaq lower and dragged on other top technology names such as Apple Inc, down 1.5 percent.

The Dow Jones average rose 0.4 percent to end at 12,004.36, and the S&P 500 index gained 0.3 percent to 1271.50, while the Nasdaq Composite Index fell 0.3 percent to 2616.48.

Both the Dow and the S&P 500 finished the week with gains and broke a six-week string of losses: The Dow was up 0.4 percent for the week, while the S&P 500 was up just 0.04 percent. The Nasdaq lost 1 percent for the week.

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