NZ stocks extend gains to 1 percent
August 25th, 2008 | by admin |WELLINGTON, Aug 25 (Reuters) – New Zealand’s benchmarkstock index extended opening gains to 1 percent on Monday onstrong buying support for the top two stocks.
The benchmark NZX-50 index .NZ50 opened strongerfollowing Wall Street’s strong gains on Friday.
The index last traded 33.81 points higher at 3,345.42, aone week high.
Top stock Telecom Corp (TEL.NZ: Quote, Profile, Research, Stock Buzz) was up 5 percent or 16cents to NZ$3.39, a two-week high, while the number two stockFletcher Building Ltd (FBU.NZ: Quote, Profile, Research, Stock Buzz) was up 2.5 percent or 18 centsto NZ$7.38.
So far this year the NZX-50 index has fallen around 17percent.