Wednesday 4th May 2011
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Shares in outdoor clothing and equipment retailer Kathmandu rose to a new high in early trading on the New Zealand sharemarket, which edged higher.
Around 10.15am the benchmark NZX-50 index was up 2.56 points to 3497.68, having fallen 2.75 points yesterday.
Port of Tauranga (NZX: POT ) gained 3c to $8.68, Telecom (NZX: TEL ) lifted 2.5c to 42.15, Restaurant Brands (NZX: RBD ) rose 2c to 42.47, Rakon (NZX: RAK ) added 2c to $1.19, and Mainfreight (NZX: MFT ) lifted 2c to $9.24.
Shares in gold mining company OceanaGold (NZX: OGC ) were down 8c to 43.41, after commodities suffered the biggest one-day loss in two weeks on fears that huge price gains last month had made everything from oil to silver too costly.
Gold fell more than half a percent overnight and about 2% off the previous session's record highs of above US$1575 an ounce.
In the US, stocks fell as investors questioned the sustainability of the market rally in light of fresh worries about earnings growth in coming quarters.
Investors targeted recent top performers, particularly energy shares, which were also hit by falling oil prices.
"We've had a great earnings season, but above that there's not much on the horizon to further gains in stocks," said Peter Jankovskis, co-chief investment officer at OakBrook Investments in Lisle, Illinois.
The Dow Jones industrial average edged up 0.15 points to 12,807.51, the Standard & Poor's 500 fell 0.3% to 1356.62, and the Nasdaq Composite Index lost 0.8% to 2841.62.
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