NZ stocks: Telecom hovers above 3-year low

Top stock Telecom was holding just above three-year lows today, adding 2c to 418 in the first 15 minutes after the New Zealand sharemarket's 10am opening.

Yesterday its shares fell on continued regulatory concerns to 414, their lowest level in three years and just 3c higher than an intra-day low in March 2003, before edging up to 416 at the end of trading.

Brokers said yesterday's fall was probably due to a Commerce Commission draft determination on Monday which would give Vodafone access to Telecom's network to allow mobiles to make local calls.

The sharemarket was also up overall early today, following a 0.3 per cent rise in the Dow Jones industrial average in the US overnight (NZT).

Shortly after 10.15am the benchmark NZX-50 index was up 5.55 points to 3552.1, while the NZX-All index rose 1.68 points to 1023.23.

Other stocks to rise early included Fisher & Paykel Appliances which was up 3c to 453 after a 9c slip yesterday, F&P Healthcare up 6c to 437, Restaurant Brands up 2c to 124, and Sky City up 2c to 555.

Among the early falls were Air New Zealand down 2c to 116, Dorchester Pacific down 3c to 214, Ebos Group down 5c to 535, and Nuplex down 4c to 626.

Sky TV continued its way down, falling 2c to 540, after a 19c drop yesterday.

- NZPA