KEY POINTS:
There was a pause in the losing streak for the punch-drunk sharemarket in early trading today.
But the rally was far from convincing following a mixed session on Wall Street. Soaring oil prices continued to buffet investor confidence amid lingering fears about their impact on the energy-hungry US economy.
Having lost 1 per cent yesterday and 2 per cent on Friday to hit a 2-1/2 year low, the NZSX-50 benchmark index rose 12 points to 3206 at 10.20am today.
Morale-sapping data out yesterday included building consents down 42 per cent on the previous month and the National Bank's monthly business outlook which showed a marginal improvement but remained deeply negative.
Market leader Telecom fell 1c to 356, but Contact Energy, which today announced a small Taupo geothermal power project will proceed, was up 16c to 815 and No 3 stock Fletcher Building was up 5c to 640 despite the dire building data.
Hellaby, which yesterday announced it had unloaded the poorly performing BBQ Factory chain, was up 15c to 150.
Oil producer NZ Oil & Gas was up 4c to 182, having jumped 8c yesterday against the market trend.
Trustpower was down 15c to 732.
CBS Canterbury fell 15c to 455 after reporting a 45 per cent dip in net profit, although operating profit was up 24 per cent.
PGG Wrightson, which lost 10c to 250 yesterday after it announced it was to take a half stake in meat company Silver Fern Farms, formerly PPCS, was unchanged.
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In the US, the blue-chip Dow Jones Industrial Average finished up a slight 3.50 points or 0.03 per cent at 11,350.01 following heavy losses last week. The leading index is down over 14 per cent for the year so far as oil and economic worries continue to subdue equities.
The technology-heavy Nasdaq composite lost 22.65 points or 0.98 per cent to 2292.98, while the Standard & Poor's 500 broad-market index gained 1.62 points or 0.13 per cent to a close of 1280.00.
- NZPA
