(RTTNews) - New Zealand stocks opened stronger on Friday, taking cues from the Wall Street where better-than-expected U.S. economic news sent stocks soaring overnight.

The benchmark NZX50 index was up 11.50 points or 0.35% to 3,336.30 shortly after the market opened for the day. Meanwhile, the NZX All Capital Index rose 8.03 points or 0.24% to 3,379.78.

The New Zealand market posted a modest gain after a volatile trading session on Thursday. The market opened slightly higher, boosted by overnight gains on Wall Street, but lost ground as crude oil continued to rise for a fourth day. However, the major averages staged a recovery in the afternoon session and moved into positive terrain.

The benchmark NZX 50 index closed up 6.27 points or 0.19% at 3,324.80, ending a two-day losing streak. Meanwhile, the NZX All Capital Index rose 10.28 points or 0.31% to finish at 3,369.86, extending gains for a second trading session.

On Wall Street overnight, stocks turned in solid gains across the board as traders were bolstered by strong economic data. Gross domestic product increased a higher-than-expected 3.3 percent annualized for the second quarter and jobless claims fell for a third consecutive week.

Crude prices turned lower on Thursday as the International Energy Agency has pledged to release additional oil supplies in the event of storm damage. Light sweet crude for October delivery closed at $115.59, down $2.56 on the New York Mercantile Exchange after hitting as high as $120.50 amid concerns Tropical Storm Gustav could cause problems in the Gulf of Mexico’s oil region.

On the currency front, the New Zealand dollar failed to hold on its gains achieved against the greenback on Thursday, and was buying US70.16c by 8am Friday.

In Friday’s economic news, Statistics NZ releases its report on July building permits at 22:45 GMT. Building permit values for June posted a 20.1 percent on-month decline.

In the early trading on the New Zealand stock market on Friday, top ranked Telecom remained unchanged, while Contact Energy added 0.24%. Fletcher Building, the third best stock, collected 1.37%.

In the retail sector Hallenstein Glasson, jewelry retailer Michel Hill and Pumpkin Patch remained unchanged, as Warehouse surged 1.81%.

In the energy sector Vector added 1.31%, as TrustPower remained unchanged in the day’s early trading.

Among other notable stocks Infratil, Methven, Nuplex, Steel & Tube Holdings and Sky Network Television remained unchanged, while Sky City lost 0.56%. Fisher & Paykel Healthcare remained unchanged, as Fisher & Paykel Appliances gained 1.14%.

Among dual listed issues AMP, APN News & Media, Lion Nathan, Telstra and Westpac Bank remained unchanged, while Australia and NZ Banking Corp collected 1.73%.

Major gainers included Auckland International Airport by 0.49%, Mainfreight by 0.42%, New Zealand Oil & Gas by 0.62%, Pike River Coal by 0.53% and Tourism Holdings by 0.67%.

Other losers on Friday morning were-ING Medical Properties Trust by 1.77% and NZX Limited by 1.38%

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Posted in Categories: Australia, New Zealand, Releases, Stocks, USA.

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