NZ Stocks: Market gains nearly one percent

The sharemarket ended with a nearly 1 per cent gain, in stark contrast with the start of the week and losses across the Tasman. The benchmark NZSX-50 index, which yesterday gained 1 per cent, closed up 29.5 points, or 0.96 per cent, at 3120.9. Turnover totalled a light $96.1 million. The index hit a three-year low of 3001 on Wednesday morning before beginning its recovery. "Buying's dissipated, but we haven't had the continued people taking money out of the market as we've had leading up to the last few days," said ABN Amro Craigs senior dealer Bryon Burke. "Our dollar is weaker so it's not as attractive selling the stocks down here for overseas investors." The top-50 index hit a session low of 3091 this morning before climbing higher. Top stock Telecom was up 3c at 346, Contact Energy rose 14c to 762, and Fletcher Building... [read full story]