Shares follow global markets up

23:55, Feb 27 2013

The New Zealand share market rose this morning tracking international bourses which surged overnight.

The NZX50 was recently up 19.13 points or 0.44 per cent to 4295.45.

The New Zealand dollar recently traded at 82.60 US cents, up from 82.35 this morning.

Global markets rose 1 per cent overnight on improved European and US economic data. The European Stoxx 600 index closed at 287.17 up 0.90 per cent, while the S&P 500 was at 1515.99, up 1.27 per cent.

However it wasn't the full story, with the rebound following vicious selling-off earlier in the week on the back of the inconclusive Italian election outcome.

At home, Air New Zealand shares bounced 2.97 per cent to $1.39 after the national carrier announced its best interim result in five years.

Meanwhile gas and electricity distribution company Vector's shares slipped 1.05 per cent to $2.84 after competition watchdog the Commerce Commission ordered it to drop its prices by as much as 30 per cent.

Among the other movers construction materials supplier Steel and Tube rose 4.4 per cent to $2.85, investment holding company Guinness Peat Group was up 1.71 per cent to 60 cents, jewellery retailer Michael Hill International rose 1.6 per cent to $1.27 and casino operator SkyCity increased 1.44 per cent to $4.24.

Miner Oceania Gold lead the decliners, dropping 1.64 per cent $3.

Commercial and industrial real estate investor Property for Industry fell 1.59 per cent to $1.24, markets operator NZX was down 1.52 per cent to $1.30, dairy investor Fonterra Shareholders Fund fell 1.11 per cent to $7.10, and energy exploration firm New Zealand Oil and Gas declined 1.05 per cent to 93c.