(RTTNews) - The New Zealand stock market closed sharply higher on Friday, extending its gains for the third consecutive trading session. The market opened higher, tracking Wall Street’s gains overnight, and extended its gains on heavy buying in late trade. The benchmark NZX 50 index closed up 58.0 points or 2.1% at 2,820.9 and the broader NZX All Capital index rose 62.4 points or 2.2% to 2,868.8.

In the currency market, the New Zealand dollar finished the domestic session lower at US$0.5880, after failing twice to push back above US$0.60 for the first time in a week, compared to Thursday’s close of US$0.5925.

U.S. stocks closed higher Thursday following a report that the U.S. GDP fell 0.3% in the third quarter, lower than the analysts’ expectation for a 0.5% decline. The Dow closed up 190 points or 2.1% at 9,181, the Nasdaq gained 41 points or 2.5% to 1,699, and the S&P 500 advanced 24 points or 2.7% to 954.

Oil fell for a second day on Friday, dropping more than 2%, and is set for its biggest monthly loss after weak U.S. GDP data refocused attention on falling demand. Oil was quoted at $64.42 a barrel, down $1.54 or 2.33%, by 00:07 a.m. ET after the contract for December delivery settled down $0.79 at $65.40 on Thursday in U.S. trading.

Among market leaders, Telecom rose 1.7%, Contact Energy gained 2.0%, and Fletcher Building jumped 5.7%. Other major gainers were Mainfreight 2.6%, TrustPower 2.12%, New Zealand Farming Systems 5.5%, Sanford 2.8%, and PGG Wrightson 4.9%.

Methven surged 5.7% after the company reported Thursday that its half-year net profit rose 29.4% to NZ$5 million on year-over-year basis.

The New Zealand Refining Co advanced 0.8% after the company said that it expects its net profit to be between NZ$115 million and NZ$125 million in 2008.

Freightways fell 1.7%, extending Thursday’s losses, after the company reported an increase in revenue and profit in the September quarter.

SkyCity rose 3.1% after the company said that its first quarter was tracking ahead of last year and Nuplex gained 3.1% after sending out mixed signals about its profit expectations.

Major losers were APN News & Media 9.5%, Fisher & Paykel Appliances 3.6%, Hallenstein Glasson 0.8%, ING Medical Properties 1.0%, Lion Nathan 1.8%, Michael Hill International 2.9%, and Tourism Holdings 2.1%.

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Posted in Categories: Economy, New Zealand, Releases, USA.

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