The New Zealand sharemarket closed flat today in an unexpectedly short session, with technical problems preventing it from opening until midday.
The NZ50 gross index closed up 1.10 points at 2020.10, while the NZSE-40 capital index slipped 2.95 points to 1985.78.
Punters weren't deterred by the delayed open, however, with shares worth
a massive $284 million changing hands - $180 million of that in top stock Telecom.
JB Were senior investment adviser Peter Stokes said the computer system failure that stalled the normal 9am open was a "nuisance factor", rather than a major problem.
Telecom closed down 6c at 492 after briefly cruising to a six-month high above $5 yesterday.
Mr Stokes said the psychological $5 barrier was still proving hard to break, despite increased interest in the stock following an improved profit result last week and signs it will return to the high dividend yields of the past.
Another top-ten stock to lose ground today was The Warehouse, which slipped another 6c to 443 after shedding 4 per cent yesterday.
Mr Stokes said the market had been cautious towards the stock since it issued a profit downgrade earlier this month, and some analysts fear the unseasonally good weather could be impacting on winter promotions.
On the flipside, Tranz Rail rose a further 2c to 79c after Florida-based rail operator RailAmerica yesterday launched a surprise 75c-a-share offer for the troubled company.
"People are taking the position that at 75c it won't achieve the required support," Mr Stokes said - which could force a higher offer from RailAmerica or tempt another suitor to enter the fray.
In other moves of note: newcomer Promina rose a further 5c to 228; Carter Holt Harvey closed 2c higher at 165; Fletcher Building bounced 11c to 339; Fisher and Paykel Healthcare was up 15c to 1095; sister stock Appliances was up 25c at 1100; Baycorp Advantage slid 4c to 168; Contact Energy was up 5c at 457; Lion Nathan dipped 9c to 611; Sky TV lost 7c to 398; and Sky City was up 2c at 816.
There were 57 rises and 34 falls on the 127 stocks traded.
On Wall St overnight the Nasdaq composite index closed at its highest level in 11 months, rising 16.48 points, or 1.07 per cent, to 1551.38; the Dow Jones industrial average gained 65.67 points, or 0.76 per cent, to 8713.49; and the Standard & Poor's 500 advanced 7.36 points, or 0.78 per cent, to 946.64.
- NZPA
