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Sharemarket gains early

Wednesday 27th April 2011

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The New Zealand sharemarket gained in early trading, after latest corporate results had pushed stocks in the United States to their best levels since June 2008.

Around 10.15am the benchmark NZX-50 index was up 6.29 points to 3492.78, having yesterday eased 5.9 points.

Among leading stocks, Fletcher Building (NZX: FBU ) gained 3c to $9.22, Telecom (NZX: TEL ) was up 1.5c to $2.14.5, and Contact Energy (NZX: CEN ) was unchanged on $5.86.

Trustpower (NZX: TPW ) lifted 11c to $7.60, OceanaGold (NZX: OGC ) was up 7c to $3.80, Vector (NZX: VCT ) was up 2c to $2.46, and Port of Tauranga (NZX: POT ) added 3c to $8.70, while NZX (NZX: NZX ) dropped 2c to $2.23 and Steel & Tube (NZX: STU ) was down 2c to $2.61.

In the US, the fresh batch of corporate results renewed optimism that profit growth will remain resilient enough to keep equities on the rise.

Ford Motor Co, 3M Co and United Parcel Services Inc were among the bellwether names to impress, continuing a string of better-than-expected results. 3M and UPS also raised their full-year profit outlooks.

"It is really from the multinationals that have been reporting good numbers and speaking of good things to come - these are big, big blue chips that are starting to see a bright light," said Joseph Benanti, managing director at Rosenblatt Securities in New York.

The three major US stock indexes hit fresh highs for the year, with the Nasdaq Composite Index climbing to its highest level since October 2007.

The Dow Jones industrial average rose 0.9% to 12,595.37, a fresh three-year high, the Standard & Poor's 500 Index gained 0.9% to 1347.24, its best since June 2008, and the Nasdaq climbed 0.8% to end at 2847.54.



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