NZ stocks extend gains to 1 percent

WELLINGTON, Aug 25 - New Zealand's benchmark stock index extended opening gains to 1 percent on Monday on strong buying support for the top two stocks.

The benchmark NZX-50 index <.NZ50> opened stronger following Wall Street's strong gains on Friday.

The index last traded 33.81 points higher at 3,345.42, a one week high.

Top stock Telecom Corp <TEL.NZ> was up 5 percent or 16 cents to NZ$3.39, a two-week high, while the number two stock Fletcher Building Ltd <FBU.NZ> was up 2.5 percent or 18 cents to NZ$7.38.

So far this year the NZX-50 index has fallen around 17 percent.

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