(RTTNews) - The New Zealand stock market was trading sharply higher on Monday despite the negative cues from Wall Street on Friday.

At 8.24 P.M. ET, the benchmark NZX 50 Index was advancing 90.74 points or 3.28% to 2,855.43 and the NZX All Capital Index was gaining 93.89 points or 3.34% to 2,901.19.

U.S. stocks closed lower on Friday in another extremely volatile trading session as traders weighed some weaker than expected economic data against better than expected earnings from some big name companies.

Crude oil rebounded on Friday as traders expected the Organization of Petroleum Exporting Countries to reduce production at its meeting next week. Light sweet crude for November delivery closed at US$71.15 on the New York Mercantile Exchange, up US$1.30 for the session.

On the economic front, Statistics NZ reported Monday that the value of credit and debit card spending in New Zealand increased by a seasonally adjusted 0.8% in September compared to August, driven largely by non-retail industries. Retail transactions were flat. The agency noted that there were 84 million electronic transactions in September, valued at a total of NZ$4.5 billion. The core retail total, which excludes motor vehicle related transactions, was down 0.4% in September following a 1.6% increase in August. Increases in motor vehicle-related industries and consumables were offset by decline in the purchases of apparel and durable goods.

Meanwhile, businesses in New Zealand’s services sector reported reduced activity for the third straight month in September, according to the latest Performance of Services Index reading. The Bank of New Zealand/Business New Zealand survey showed a drop of 1.0 point to an index reading of 46.9, with readings below 50.0 indicating contraction in the measured sector. It marked the second lowest reading for the index since the series began in April 2007.

In the currency market, the New Zealand dollar was trading lower against the U.S. dollar on Monday. In early trades, the kiwi was buying US$0.6155 compared to Friday’s close of US$0.6181.

Among the top stocks, Telecom soared 8.97%, Contact Energy added 0.70% and Fletcher Building rose 3.24%.

In the retail space, Pumpkin Patch jumped 7.62% and the Warehouse Group climbed 7.84, while Hallenstein Glasson declined 1.92% and jeweler Michael Hill remained unchanged.

Among other stocks, Sky City rose 7.69%, while Nuplex eased 0.75%. Steel & Tube plunged 22.22% after Australia-based OneSteel said after the market closed Friday that it has terminated its takeover of the company.

Pike River Coal soared 12.40%, extending its gains from Friday, after it said it struck coal at its West Coast mine following two years of tunnelling. NZ Oil & Gas, owning more than 30% of Pike River, rose 2.68%.

Energy stock TrustPower gained 3.65% and Vector added 0.49%.

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

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