KEY POINTS:
A 7c rise by embattled Fletcher Building helped the sharemarket into positive territory in early trading today.
Fletcher, which has halved in value from its peak last year, was up 7c to 672.
The benchmark NZSX-50 was up 13 points to 3294 at 10.20am.
The lead from Wall Street was mixed. The US market ended an erratic day with a modest gain after the Federal Reserve left interest rates unchanged and issued a mixed assessment of the economy.
After a two-day meeting, the Fed decided to keep the benchmark federal funds rate at two per cent, as expected.
In New Zealand, Telecom was unchanged on 362 while No 2 stock Contact Energy was up 2c to 847.
Finance company owner Dorchester Pacific lost more than half its value, dropping 11c to 10c, after it said it was seeking a deferred payment plan from debenture holders following a dramatic fall off of its reinvestment rate.
The company blamed a fast decline in the property finance market and a drop in reinvestment rates for its situation, which was headed towards cashflow problems.
The Warehouse was up 10c to 460. An Appeal Court decision on whether Foodstuffs and or Woolworths can launch takeover bids is imminent.
Others to prosper today included Ebos, up 7c to 450, Westpac 45c up to 2596 and AMP, 10c to 820,
On the downside, Tower fell 9c to 201 with GPG having completed its partial bid. South Port fell 15c to 210 and Rubicon fell 4c to 94c.
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In the US, the Dow Jones industrial average edged up 4.40 points, or 0.04 per cent, to close at 11,811.83. The Standard & Poor's 500 Index rose 7.68 points, or 0.58 per cent, to 1321.97. The Nasdaq Composite Index rose 32.98 points, or 1.39 per cent, to 2401.26.
- NZPA
