Sharemarket rises early

Tuesday 10th May 2011

The New Zealand sharemarket rose modestly in early trade, taking the benchmark NZX-50 index to its highest level in nearly three years.

Around 10.20am the NZX-50 was up 6.63 points to 3525.61, after its fourth consecutive day of gains yesterday when it ended up 12.6 points.

Telecom (NZX: TEL ) was up 3.5c early today to $2.23, Port of Tauranga (NZX: POT ) added 5c to $8.75, Restaurant Brands (NZX: RBD ) gained 4c to $2.48, Trustpower (NZX: TPW ) lifted 4c to $7.50, Ebos Group (NZX: EBO ) lifted 3c to $7.35, and Fletcher Building (NZX: FBU ) was up 2c to $9.00.

Mainfreight (NZX: MFT ) lost 4c to $9.15, Contact Energy (NZX: CEN ) was down 2c to $6.00 and Sky City (NZX: SKC ) lost 2c to $3.71.

In the US, stocks of energy and materials companies gained as commodities recovered some of last week's losses.

The Standard & Poor's 500 Index added 0.5% to close at 1346.29, the Dow Jones industrial average gained 0.5% to 12,684.68, and the Nasdaq composite index rose 0.6% to 2843.25.

NZPA

Comments from our readers

No comments yet