11 Nov 2008

Share market closes higher

6:15 am on 11 November 2008

The New Zealand share market closed up on Monday, with the NZX 50 46 points, or 1.6%, higher to 2837 on turnover of $41 million.

Auckland Airport closed up 40c to $1.79, Telecom rose 15c to $2.14, Contact Energy was unchanged at $7.41, Fletcher Building was up 8c to $5.76, PGG Wrightsons fell 16c to $1.59 and Freightways fell 3c to $3.01.

The New Zealand dollar was trading at US59.65 cents, 87.09 Australian cents, 37.67 pence, 58.92 yen and 0.4632 euro. The Trade Weighted Index was 59.99.

The Australian share market firmed more than 1.3%, buoyed by energy and resources stocks in anticipation that China's multi-billion-dollar economic stimulus plan would continue to fuel export demand.

The S&P/ASX200 index was up 56.5 points, or 1.39%, to 4107.8, while the All Ordinaries index rose 53.4 points, or 1.33%, to 4060.

On the Sydney Futures Exchange, the December share price index futures contract added 10 points to 4134 on a volume of 38,946 contracts.

Meanwhile, Asian markets also rose sharply, a day after China announced a $US586 billion investment plan to stimulate its slowing economy.

Stocks leapt in Japan, China and Hong Kong, buoyed by China's efforts to sustain growth in its economy, on which many Asian countries depend.

More than 100 billion yuan will go into housing, infrastructure and post-earthquake reconstruction in China over the next two years.