16 Jul 2009

Rally on NZ and Australian share markets

1:20 pm on 16 July 2009

The New Zealand sharemarket is rallying on Thursday. At 1pm, the NZX50 index was up 24 points, or 0.9%, at 27 89 on turnover of $38 million.

Telecom was down 5 cents at $2.69, Fletcher Building was up 8c to $6.75 and Contact Energy was steady at $5.80.

Sky City Entertainment was up 1c to $2.70. Sky TV Network was up 8 cents to $4.23

PGG Wrightson was down 1c to 99c, Fisher & Paykel Healthcare was flat at $2.85 and Infratil was up 1c to $1.75.

In currency markets, the New Zealand dollar was trading at 64.73 US cents, 80.07 Australian cents, 38.47 pence, 61.06 yen and 0.4600 euro. The Trade Weighted Index was at 60.95.

The Australian share market also opened higher after big gains on Wall Street.

At 10.15am (AEST), the S&P/ASX200 was up 82.1 points, or 2.09%, at 4,006.6, while the All Ordinaries gained 81.3 points, or 2.08%, to 3,998.8 points.

On the Sydney Futures Exchange, the September share price index contract was 84 points higher at 3,972 on 6,836 contracts.

By 10.34am (AEST), overall turnover was 522.5 million shares worth $A1.13 billion.

Wall Street up

In New York on Wednesday, the Dow Jones Industrial Average leapt 256.72 points, or 3.07%, to 8,616.21.

The Nasdaq climbed 63.17 points, or 3.51%, to 1,862.9. Standard & Poor's 500 index advanced 26.84 points, or 2.96%, to 932.68.

Volume was moderate on the New York Stock Exchange.