NZ stocks: Market treads water in early business

The sharemarket trod water in featureless early trading today.

Lead stock, Telecom, continued its revival, adding 3c to yesterday's 12c gain to be on 422. Brokers consider the sector, and Telecom in particular, to be oversold.

The benchmark NZX-50 index was off 0.70 of a point at 3662.45 at 10.10am, while the NZX All index was up 0.22 on 1051.20.

PGG Wrightson lost the 6c it gained yesterday, to be back on 205.

Mainfreight was up 5c to 599 while AMP was down 13c to 1129 and other than that there no moves of more that 3c in the top 50.

Rakon rose 4c to 309.

- NZPA