Wednesday 9th March 2011 |
Text too small? |
The New Zealand sharemarket was modestly higher in early trading today, despite a strong performance by equities in the US.
Around 10.15am the benchmark NZX-50 index was up 2.77 points to 3423.95, after losing 8.9 points yesterday.
Mainfreight (NZX: MFT ) was up 8c at one point in early trade, but shortly after the gain eased to 3c, taking the stock to $8.85.
The company's shares ended up 23c yesterday and up 47c on Monday after Mainfreight announced it had agreed to buy Netherlands-based transport and logistics firm Wim Bosman Group. During yesterday's trading the shares reached a record high $8.95.
OceanaGold (NZX: OGC ) was up 4c early to $3.65, NZX (NZX: NZX ) gained 3c to $1.93, and Fletcher Building (NZX: FBU ) added 1c to $8.85, while Telecom (NZX: TEL ) slipped 1c to $2.09.
Contact Energy (NZX: CEN ) lost 9c early to $6.00, Freightways (NZX: FRE ) dropped 10c to $3.18. Steel & Tube (NZX: STU ) lost 3c to $2.62, and Kathmandu (NZX: KMD ) was down 2c to $1.99.
In the US, stocks ended higher after on upbeat profit forecast from Bank of America and a pullback in oil prices. Technicals underscored the market's near-term resilience.
Based on the latest available data, the Dow Jones industrial average was up 1% at 12,214.46, the Standard & Poor's 500 Index was up 0.9% at 1321.82, and the Nasdaq Composite Index was up 0.7% at 2765.77.
NZPA
No comments yet
Infratil releases Climate Related Disclosures
The Warehouse Group Appoints Chief Digital & Transformation
The Financial Collapse Has Already Begun - Will You Be Caught Off Guard?
NWF - IMPLEMENTATION OF SCHEME OF ARRANGEMENT
EROAD Publishes FY25 Group Climate Statement
Synlait provides performance update
Air New Zealand Chief Executive Officer Appointment
July 30th Morning Report
IKE 1Q FY26 Performance Update
July 29th Morning Report