By NZPA
Wednesday 7th November 2007 |
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Around 20 minutes after the market's 10am opening, the benchmark NZSX-50 index was up 56.2 points, or 1.4%, to 4191.6, after yesterday's 5.77 point easing.
After a brief trading halt at the company's request, shares in Auckland International Airport were up 36c, or 12.4%, to $3.27 on news the Canada Pension Plan Investment Board is making another offer for a stake in the airport.
Infrastructure investor Infratil was also up on airport news, rising 5c to $3.05, following a report it and the New Zealand Superannuation Fund had increased their combined stake in Auckland Airport to 7.79%.
Shares in top stock Telecom were up 8c to $4.28 after the Commerce Commission raised the price Telecom could charge to supply wholesale access services to competitors in a final ruling today.
Also putting in a solid early showing was The Warehouse, up 10c to $5.50.
Stocks to fall early included Hallenstein Glasson down 5c to $4.45, Sanford down 3c to $4.32, Sky City down 3c to $5.47, and Sky TV down 2c to $5.61.
US stocks rose as oil prices topped $US97 ($NZ126.36) a barrel and lifted shares of Exxon Mobil Corp and other energy producers, while optimism a day ahead of Cisco Systems Inc earnings drove another rally in technology shares.
Investors hunted for bargains among beaten-down bank and financial services shares after the previous session's sell-off left the sector near two-year lows.
Web search company Google Inc, whose price target was raised to $US850 by broker research firm Sanford C Bernstein, advanced to $US741.79, another lifetime high.
The Dow Jones industrial average was up 0.87%, at 13,660.94. The Standard & Poor's 500 Index was up 1.2%, at 1520.27. The Nasdaq Composite Index was up 1.07%, at 2825.18.
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