(RTTNews) - New Zealand Market opened higher on Tuesday, led by an early surge in Telecom and Fletcher Building shares. The higher opening came despite the lack of leads from the Wall street as the U.S. markets were closed overnight for the Labor Day holiday.

The benchmark NZX50 index was up 10.18 points or 0.30% to 3,367.89 shortly after the market opened for the day. Meanwhile, the NZX All Capital Index rose 12.59 points or 0.37% to 3,411.05.

The New Zealand stock market closed higher for the third consecutive trading session on Monday, reversing early weakness. The benchmark NZX 50 index closed up 4.46 points or 0.13% at 3,357.70, recovering from the day’s low of 3,321.42 hit in opening trade on the back of a weak lead from Wall Street. The broader NZX All Capital index added 6.68 points or 0.20% to finish at 3,399.38.

Overseas, markets in the United States were closed on Monday in observance of the Labor Day national holiday. On Friday, stocks on Wall Street were broadly lower, following disappointing personal income data and fears about the potential devastation from Hurricane Gustav.

World oil prices rose by less than one dollar in Asian trade Monday after oil production in the Gulf of Mexico was almost completely shut down as Hurricane Gustav approached the US. New York’s main contract, light sweet crude for October delivery, rose 89 cents to $116.35 a barrel from its close of $115.46 on Friday at the New York Mercantile Exchange. Brent North Sea crude for October gained 72 cents to $114.77 from $114.05 in London Friday.

On the currency front, the New Zealand dollar failed to climb above the US70c reached overnight against the greenback and was buying US69.67c by 8am Tuesday, little changed from its level at 5pm yesterday.

In the early trading on the New Zealand stock market on Tuesday, top ranked Telecom surged 1.24%, while Contact Energy added 0.24%. Fletcher Building, the third best stock, collected 1.11%.

In the retail sector Hallenstein Glasson, jewelry retailer Michel Hill and Pumpkin Patch remained unchanged, as Warehouse added 0.89%.

In the energy sector Vector added 0.44%, as TrustPower remained unchanged in the day’s early trading.

Among other notable stocks Infratil fell 1.29%, as Methven, Nuplex, Steel & Tube Holdings, Sky Network Television and Sky City remained unchanged. Fisher & Paykel Healthcare gained 0.32%, as Fisher & Paykel Appliances collected 0.56%.

Among dual listed issues AMP, Australia and NZ Banking Corp, APN News & Media, Lion Nathan and Telstra remained unchanged, while Westpac Bank gained 0.14%.

Other gainers on Tuesday morning included Air New Zealand by 1.79%, Pike River Coal by 1.03% and Sanford by 0.83%.

Other losers were- ING Property Trust by 1.29%, New Zealand Oil & Gas by 3.13%, NZ Farming Systems by 0.63% and Rakon by 0.34%

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

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