(RTTNews) - The New Zealand stock market opened marginally higher on Wednesday, following modest gains made overnight on Wall Street.

The benchmark NZX 50 index was up 6.84 points or 0.25% to 2,790.22 shortly after the market opened for the day, while the broader NZX All Capital Index gained 5.83 points or 0.21% to 2,789.42.

The New Zealand stock market extended gains to close higher for the third straight session on Tuesday, led by the top stocks.

The benchmark NZX 50 Index gained 38.49 points, or 1.40% to settle at 2,783.38, while the broader NZX All Capital Index gained 35.22 points, or 1.28% to finish at 2,783.59.

Overseas, the major U.S. averages ultimately ended Tuesday’s trading firmly in positive territory despite seeing some volatility over the course of the session. The choppy trading came as investors responded to a mixed bag of economic news and remarks by President-elect Barack Obama.

By the close of trading, the major averages were well off their best levels of the day, but they held onto strong gains. The Dow closed up 62.21 points or 0.7 percent at 9,015.10, the Nasdaq closed up 24.35 points or 1.5 percent at 1,652.38 and the S&P 500 closed up 7.25 points or 0.8 percent at 934.70.

On the economic front, reports on service sector activity, factory orders, and pending home sales painted a mixed picture of the economy.

In other news, President-elect Barack Obama said Tuesday that he expects to inherit a $1 trillion federal deficit, a burden that will likely extend into the next few years. He had met with both Democrat and Republican lawmakers Monday to discuss his proposed package, aiming at a swift passage following his inauguration.

Oil backed off its highs of the day but remained modestly higher in afternoon trading on the New York Mercantile Exchange. Light sweet crude for February delivery rose to $49.11, up 30 cents on the day. Crude hit as high as $50.47, topping $50 for the first time since Dec. 1.

On the currency front, the New Zealand dollar was buying US59.57c by 8am on Wednesday, when compared to US58.79c at 5pm on Tuesday.

In Wednesday’s early trading on the New Zealand Stock Exchange, the country’s top ranked share Telecom advanced 0.85%, as second ranked Contact Energy collected 0.40%, and Fletcher Building, the third best stock, added 0.51%.

In the retail sector Hallenstein Glasson fell 2.27%, while Warehouse jumped 1.12%. Pumpkin Patch and jewelry retailer Michael Hill International remained unchanged.

In the energy sector Vector and TrustPower remained unchanged in the early trading on Wednesday.

Among the dual listed issues, AMP, APN News & Media and Telstra remained unchanged. Lion Nathan inched up 0.31%, as Australia and NZ Banking Corp gained 0.53%, and Westpac Bank eased 0.96%.

Among other notable stocks, Infratil gained 0.61%, as Nuplex collected 0.33%. Methven, Mainfreight, Sky City, Steel & Tube Holdings and Sky Network Television remained unchanged. Fisher & Paykel Appliances was up 2.16%, as Fisher & Paykel Healthcare dropped 0.93%.

The other gainers in the day’s early trading were- Auckland International Airport by 0.59%, Property For Industry by 0.91%, PGG Wrightson by 5.11%, Pike River Coal by 1.04%, Sanford by 0.92%, Skellerup Holdings by 1.35% and Tourism Holdings by 2.90%.

The other losers in Wednesday’s early trading were Goodman Fielder by 1.22%, NZX Limited by 1.87%, Port of Tauranga by 0.75% and Tower by 1.96%.

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

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