New Zealand at Record High

Elena
13 Mar, 2006
New York City

Asian-Pacific benchmarks gained across the region, led by the Nikkei rising 1.5% to 16,361.51 on improved confidence in the economic recovery. South Korean Kospi climbed 1.4% on automobile and bank stocks, followed by Australian All Ordinaries, up 1.3%, lifted by corporate news and overseas markets. Shanghai Composite rose 1.1% on gains in property stocks and cement companies. New Zealand reached an all-time high of 0.8% to 3516.99.

8:00AM Asian markets gained across the region. New Zealand hit a record high.
Asian-Pacific benchmarks ended higher Monday, boosted by a strong Friday rally on Wall Street and stronger dollar with technology and industrial shares in focus. The Nikkei led gainers, rising 1.5% to 16,361.51 on improved confidence in the economic recovery, despite GDP data showing slightly disappointing figures. Nissan Motor, Toyota Motor and Nomura Holdings stood out among advancers. South Korean Kospi surged to 1.4%, supported by strong automobile and bank stocks. Shanghai Composite rose 1.1% on property stocks and gains in cement companies. Australian All Ordinaries soared 1.3%, lifted by corporate data and strength in overseas markets. Hong Kong’s Hang Seng rose 0.6%, although concerns over interest-rate hikes weighed. Stocks in New Zealand hit a record high of 0.8% to 3516.99.

European markets advanced at mid-day dealings as merger-and-acquisition news and speculations sent stocks higher. The German DAX 30 climbed 0.7%, boosted by drug maker Schering which rocketed 23% on a takeover bid by a rival company Merck. The French CAC 40 gained 0.4%, while London’s FTSE 100 rose 0.5%, supported by 22% gain in London Stock Exchange on speculations that U.S. exchanges may start a bidding war for it.