Wellington - The New Zealand stock market - the first to open every day - jumped more than 6 per cent in the first hour of trading Tuesday after a spectacular recovery on Wall Street.

The benchmark NZX 50 index, which fell just under 1 per cent on Monday after slumping 4.7 per cent on Friday, rose 189 points to 2,971 in early dealing.

Analysts said that bargain-hunting investors had taken a lead from Wall Street, which posted its biggest-ever one-day gains.

Prices of all the leading stocks rose, including banking shares, which continued to benefit from the government's announcement Sunday of a scheme to guarantee all savers' deposits, designed to reassure local investors spooked by the worsening international financial crisis. (dpa)