WELLINGTON, Oct 14 (Reuters) - New Zealand's benchmark stock index opened 6.4 percent higher on Tuesday, after Wall Street posted its best day ever as governments around the world pledged to shore up their struggling banks.
The benchmark NZX-50 index opened up 179.39 points at 2961.78, after hitting a four year low on Monday.
Top stock Telecom Corp. was up 8.9 percent to NZ$2.70 while third ranked stock Fletcher Building Ltd was 9.2 percent higher at NZ$6.39.
So far this year the NZX-50 index has fallen around 27 percent.
U.S. equities recovered from their worst week with their best day, with the Dow Jones industrial average, the S&P 500 <.SPX> and the Nasdaq all gaining at least 11 percent.
Governments and central banks extended efforts to support struggling banks, amid signs the previously choked credit markets were beginning to flow again. see
The New Zealand government said on Sunday it would guarantee all retail bank deposits worth around NZ$150 billion ($91.5 billion).
(NZ$1=$1.62) . ng COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
The benchmark NZX-50 index opened up 179.39 points at 2961.78, after hitting a four year low on Monday.
Top stock Telecom Corp. was up 8.9 percent to NZ$2.70 while third ranked stock Fletcher Building Ltd was 9.2 percent higher at NZ$6.39.
So far this year the NZX-50 index has fallen around 27 percent.
U.S. equities recovered from their worst week with their best day, with the Dow Jones industrial average, the S&P 500 <.SPX> and the Nasdaq all gaining at least 11 percent.
Governments and central banks extended efforts to support struggling banks, amid signs the previously choked credit markets were beginning to flow again. see
The New Zealand government said on Sunday it would guarantee all retail bank deposits worth around NZ$150 billion ($91.5 billion).
(NZ$1=$1.62) . ng COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.