Monday 5th January 2009 |
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The NZX 50 rose 28.80, or 1.1%, to 2744.51. Within the index, 22 stocks rose, eight fell and 20 were unchanged. Trading was light, with 11.2 million shares changing hands.
Jeweler Michael Hill International led the NZX 50's advance, climbing from the lowest in almost five years.
Pike River Coal gained 4.4% to 94 cents as rising commodity prices spurred a rally in resource stocks including BHP Billiton and Rio Tinto. Auckland International Airport rose 3.7% to NZ$1.68.
New Zealand Oil & Gas rose 0.8% to NZ$1.28 after the price of crude oil gained. Crude oil for February delivery rose 5.1% to US$48.68 a barrel on the New York Mercantile Exchange amid escalating tensions in the Gaza Strip.
On Friday, the Dow Jones Industrial Average rose 2.9% to 9034.69 and the Standard & Poor's 500 Index gained 3.2% to 931.8.
General Motors surged 14% after the automaker got its first installment of government aid. Today, the Nikkei 225 Index rose 2.1% to 9043.12 in early afternoon trading as the yen weakened against the U.S. dollar, helping lift prospects for exporters and metals companies.
In Sydney, the S&P/ASX 200 Index fell 0.6% to 3692.5 in late trading as Babcock & Brown sank 13% to 10 cents and Newcrest Mining slid 6.9% to A$31.57.
In New Zealand, Warehouse Group fell 1.1% to NZ$3.48 and Briscoe Group slid 1.2% to 80 cents after government figures showed credit and debit card spending fell by a record in November.
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