The New Zealand sharemarket was down but not out as offshore equity markets continued to tumble.
By mid-morning the NZSE-40 capital index was down 7.84 points, or 0.36 per cent, at 2141.11, on turnover of 9.46 million stocks valued at $34.27 million.
Topping turnover was Telecom's 1.98 million stocks worth $10.30 million.
ABNAmro Craigs retail equities advisor Nigel Scott said the market looked a bit ordinary, particularly for a Friday.
"The New Zealand market's actually holding pretty well, with the FTSE (in London) at a five year low and the US coming off.
"The next thing for our market to target is June 30 results. A lot of those won't be until August but I think that's what people are starting to look at," Mr Scott said.
"Carter Holt Harvey off (6c at 205) is probably the major one here today. It has had a good run-up and a lot of people who have been in Carter Holt for a long time are probably using the over-200 mark as time to diversify a little bit."
Baycorp Advantage passed the key 400 mark (up 12c at 405), a "pleasing sign after their shocking performance".
Auckland International Airport was off 3c at 445 after Auckland City Council voted last night to sell its 25.7 per cent stake.
Selling the stake on-market would not necessarily take longer than either selling the whole stake, or part of the stake, to one party, which would be governed by the Takeovers Code, Mr Scott said.
"So it's wait and see, but it's a good stock, a good story, and I think it will be pretty well supported whichever way it went."
Telecom was down 1c at 522 on continuing poor global sentiment about telecoms companies. "They've been sort of rummaging. The overseas telcos look rotten, to tell the truth."
Briscoe Group lost 2c to 226, Fisher & Paykel Appliances rose 9c to 970 while Healthcare lost 9c to 860, Fletcher Building was down 1c to 284, Guinness Peat Group was up 4c at 177 on news of a proposed merger of its assets Enza and produce wholesaler Turners & Growers.
The Warehouse was down 5c at 765, UnitedNetworks rose 5c to 860, Sky City casino rose 2c to 650, and newly listed Skellmax was unchanged a 170, on 338,700 shares.
Falls outnumbered rises 37 to 23 on the 99 stocks traded.
In the US the technology-laced Nasdaq Composite Index was down 32.08 points, or 2.14 per cent, at 1464.75; the Dow Jones industrial average was down 129.8 points, or 1.36 per cent, at 9431.77; and the broader Standard & Poor's 500 Index was down 13.70 points, or 1.34 per cent, at 1006.29.
