Sharemarket enjoys pre-Christmas lift

Wednesday 22nd December 2010

The New Zealand sharemarket continued to make ground this morning, as global stock enjoyed a pre-Christmas boost.

The benchmark NZX-50 index, after closing up 19.14 points, or 0.6 percent, at 3319.10 yesterday, continued its improvement in opening trading this morning, up 6.352 points, or nearly 0.2% at 10.15am.

Blue chip Fletcher Building (NZX: FBU ) was up 4c to $7.81, Air NZ (NZX: AIR ) gained 1c to $1.50 and AMP (NZX: AMP ) earned 1c to $7.20

Michael Hill (NZX: MHI ) rose 1c to 89, Goodman Property Trust (NZX: GMT ) was up 1c to 93 and Ryman (NZX: RYM ) improved 2c to $2.32.

Retailer, The Warehouse (NZX: WHS ) , in the week before Christmas, was up 3c to $3.68, on top of yesterday's 7c gain.

Telecom (NZX: TEL ) was unchanged at $2.23, as was dual listed stock Telstra (NZX: TLS ) at $3.70.

Slipping stocks were Sanford (NZX: SAN ), which lost 5c to $4.52, Kiwi Income Property Trust (NZX: KIP ) 1c to 99 and Rakon (NZX: RAK ) 1c to $1.16.

Restaurant Brands (NZX: RBD ), up 6c yesterday, was down 1c to $2.71.

In Australia yesterday the market ended higher, with mining stocks improving after the government released the Argus report on the planned mining tax, which was seen as a win for the sector.

The benchmark S&P/ASX200 index rose 35.3 points, or 0.7%, to 4771.9, while the broader All Ordinaries index gained 33.3 points, or 0.7%, to 4862.

In the US the Dow Jones industrial average added 48.44 points, or 0.42%, to 11,526.57. The Standard & Poor's 500 Index gained 6.81 points, or 0.55%, to 1253.89. The Nasdaq Composite Index rose 16.89 points, or 0.64%, to 2666.45.

European shares climbed to a 27-month high in holiday-thinned trade on Tuesday, with record high copper prices on supply concerns helping mining stocks, though lower volumes had potential to exaggerate moves.

At 0804 GMT, the FTSEurofirst 300 index of top European shares was up 0.5% at 1139.14 points after rising up to 1139.71 - the highest since September 2008.

NZPA

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