New Zealand stocks rose for a third day, extending a global rally, as central banks and governments prepared to extend efforts to revive financial markets.
The NZX 50 Index rose 62.099, or 2.2%, to 2952.019. Turnover was NZ$80.3 million, less than the daily average NZ$100 million.
New Zealand Oil & Gas Ltd. led the advance, gaining 14% after the price of crude oil rose.
Shares on Wall Street rallied yesterday, sending the Dow Jones Industrial Average up 4.7% after Federal Reserve Chairman Ben Bernanke backed proposals to extend the bailout of financial institutions.
The FTSE 100 rose 5.4% in London yesterday. In Tokyo today, the Nikkei 225 Index rose 1.8% in midday trading. Australia’s S&P/ASX 200 Index gained 2.9% to 4262.3 in late afternoon trading, led by commodity and energy companies.
Rio Tinto surged 11% and
Gloucester Coal gained 10%. The NZX 50 Index extended its three-day advance to almost 7%.
“The market in general was getting better but still on a pretty low turnover,” said Stephen Wright, an adviser at ASB Securities. “There’s still a lot of investors sitting on the sideline.”
New Zealand Oil & Gas rose 14% to NZ$1.23. Crude oil for November delivery rose 1.9% percent to US$75.69 a barrel on the New York Mercantile Exchange, the third daily gain, according to Bloomberg.
Steel & Tube Holdings rebounded from a record 22% slump yesterday prompted by OneSteel’s decision to quit its takeover offer. Steel & Tube gained 6.7% to NZ$3.01 today. OneSteel had offered NZ$4 a share for the half stake in the company it didn’t already own.
Telecom Corp., the biggest stock on the index, fell 2.4% to NZ$2.44 snapping a two-day gain that lifted the shares from a record low NZ$2.22 on Oct. 16. The shares have slid almost 8% in the past 5 days, weighed down by the company’s forecast for a profit drop next year because of spending on its high-speed mobile network.
Among other stocks,
Allied Work Force soared 24% to 62 cents after reporting a 31% gain in first-half profit and lifting its dividend 25% to 3.5 cents a share. The shares have tumbled 50% this year.
Warehouse Group Ltd., the biggest retailer on the NZX, led gains in consumer-related stocks as central bank figures showed a rebound in credit card billings in September. Warehouse rose 4.7% to NZ$4.05 and jewelry chain
Michael Hill International rose 4.5% to 70 cents.
Woolworths Ltd., Australia’s biggest retailer, today said sales from its New Zealand supermarkets rose 3.1% in kiwi dollars.
Stocks have also been buoyed by the prospects of the central bank making a record-sized cut to the official cash rate this week, which may drive down credit costs. Governor Alan Bollard may reduce the OCR by 100 basis points to 6.5% on Thursday, according to a Reuters survey.
(Businesswire.co.nz)
NZ Top 50 | 2,952.019 | +62.099 (+2.15%) |
ASX 200 | 4,302.500 | +160.200 (+3.87%) |
Dow | 9,265.43 | +413.21 (+4.67%) |
Nasdaq | 1,770.03 | +58.74 (+3.43%) |
FTSE 100 | 4,282.67 | +219.66 (+5.41%) |
Last updated: 21/10/2008 5:08pm
AIA | 1.85 | +0.02 | ![](/images/icup.gif) |
AIR | 0.85 | +0.01 | ![](/images/icup.gif) |
AMP | 7.31 | +0.31 | ![](/images/icup.gif) |
ANZ | 21.10 | +1.50 | ![](/images/icup.gif) |
APN | 3.30 | 0.00 | ![](/images/icnc.gif) |
APT | 1.07 | +0.01 | ![](/images/icup.gif) |
CAV | 2.47 | -0.01 | ![](/images/icdn.gif) |
CEN | 7.55 | +0.25 | ![](/images/icup.gif) |
EBO | 4.35 | +0.05 | ![](/images/icup.gif) |
FBU | 6.45 | +0.24 | ![](/images/icup.gif) |
FPA | 1.34 | +0.02 | ![](/images/icup.gif) |
FPH | 3.27 | +0.12 | ![](/images/icup.gif) |
FRE | 3.15 | +0.03 | ![](/images/icup.gif) |
GFF | 1.70 | +0.06 | ![](/images/icup.gif) |
GMT | 1.13 | +0.03 | ![](/images/icup.gif) |
GPG | 1.02 | +0.03 | ![](/images/icup.gif) |
HLG | 2.58 | +0.06 | ![](/images/icup.gif) |
IFT | 2.07 | +0.03 | ![](/images/icup.gif) |
IMP | 1.11 | +0.01 | ![](/images/icup.gif) |
ING | 0.66 | +0.03 | ![](/images/icup.gif) |
KIP | 1.11 | 0.00 | ![](/images/icnc.gif) |
LNN | 9.57 | -0.08 | ![](/images/icdn.gif) |
MFT | 6.00 | +0.34 | ![](/images/icup.gif) |
MHI | 0.70 | +0.03 | ![](/images/icup.gif) |
MVN | 1.30 | +0.03 | ![](/images/icup.gif) |
NPX | 5.40 | +0.30 | ![](/images/icup.gif) |
NZO | 1.23 | +0.15 | ![](/images/icup.gif) |
NZR | 6.10 | +0.10 | ![](/images/icup.gif) |
NZS | 1.15 | +0.02 | ![](/images/icup.gif) |
NZX | 6.11 | +0.11 | ![](/images/icup.gif) |
PFI | 1.16 | +0.03 | ![](/images/icup.gif) |
PGW | 1.76 | -0.08 | ![](/images/icdn.gif) |
POT | 6.65 | +0.25 | ![](/images/icup.gif) |
PPL | 1.12 | +0.01 | ![](/images/icup.gif) |
PRC | 1.42 | -0.01 | ![](/images/icdn.gif) |
RAK | 2.15 | +0.11 | ![](/images/icup.gif) |
RYM | 1.61 | +0.06 | ![](/images/icup.gif) |
SAN | 5.54 | +0.13 | ![](/images/icup.gif) |
SKC | 3.40 | +0.08 | ![](/images/icup.gif) |
SKL | 0.81 | +0.03 | ![](/images/icup.gif) |
SKT | 3.97 | +0.07 | ![](/images/icup.gif) |
STU | 3.01 | +0.19 | ![](/images/icup.gif) |
TEL | 2.44 | -0.06 | ![](/images/icdn.gif) |
THL | 1.07 | 0.00 | ![](/images/icnc.gif) |
TLS | 4.75 | +0.05 | ![](/images/icup.gif) |
TPW | 7.40 | +0.20 | ![](/images/icup.gif) |
TWR | 1.45 | +0.10 | ![](/images/icup.gif) |
VCT | 2.02 | -0.01 | ![](/images/icdn.gif) |
WBC | 26.20 | +0.81 | ![](/images/icup.gif) |
WHS | 4.05 | +0.18 | ![](/images/icup.gif) |
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