NZ sharemarket starts strong

Tuesday 25th January 2011

Telecom shares edged up to an 11-month high as the New Zealand sharemarket started the day strongly, following a good showing by blue chips in the US.

Around 10.15am the benchmark NZX-50 index was up 14.86 points to 3367.51, having edged down less than 1 point yesterday.

Telecom (NZX: TEL ) gained 1c to $2.32, as other leading shares made bigger gains with Fletcher Building (NZX: FBU ) up 9c to $7.90 and Contact Energy (NZX: CEN ) gaining 4c to $6.30.

Ebos (NZX: EBO ) lifted 10c to $7.50, Mainfreight (NZX: MFT ) gained 8c to a four-year high $8.10, Nuplex (NZX: NPX ) was up 2c to $3.64, Auckland Airport (NZX: AIA ) added 2c to $2.27, and Cavalier Corp (NZX: CZV ) lifted 2c to $3.20, while Restaurant Brands (NZX: RBD ) lost 4c to $2.47.

In the US, Wall Street resumed its rally, ending higher on gains by tech and natural resources shares as investors see stocks regaining the momentum lost last week.

The blue-chip Dow Jones industrial average gained 0.9% to 11,979.91, according to preliminary figures, while the Standard & Poor's 500 Index rose 0.6% to 1290.79, and the Nasdaq Composite Index 1% to 2717.55.

NZPA

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