KEY POINTS:
The sharemarket opened easier today after a three-day rally that took the benchmark index within spitting distance of an all-time high.
The NZSX-50 index was down 7.69 points to 4180.29 at 10.10am. The index high of 4216 was touched on February 7.
The local market has received support from Australia, where the benchmark index yesterday hit a record high.
Telecom was down 3c to 480 after the Government released a consultation document on the three-way split of Telecom.
It said it would ensure cheaper, faster broadband but gave no indication how that would occur.
Telecom fell 9c yesterday as profit-takers took advantage of the stock's resurgence following the sale of its Yellow Pages business.
Fletcher Building was up 5c to 1140 and Contact Energy, which yesterday hit a record of 930, was down 1c to 927.
PGG Wrightson rose another 1c to 162 today after rising 9c yesterday. Optimism is high among dairy farmers due to high prices.
Sky City was up 5c to 561, while Air NZ was down 3c to 236.
Michael Hill eased back 5c to 950 after yesterday jumping 25c on the announcement of plans to move into Britain or the United States when its Canadian jewellery stores turns a profit.
Software company Finzsoft was untraded today. It said it had received notice of a partial takeover for 63.6 per cent of the company from Pi Capital Investments at $1.30 per share -- a 24 per cent premium to yesterday's price.
Pi has secured a lock-up agreement with major shareholders Software Laboratories and Bogside Trust.
Westpac fell 72c to 2893 on good turnover worth $3.3 million.
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On Wall Street, US stocks closed slightly higher as Iran's plans to release captured British troops led to a decline in oil prices and positive brokerage comments boosted Microsoft Corp.
The Dow Jones industrial average closed up 19.75 points to 12,530.05. The Standard & Poor's 500 Index rose 1.48 points at 1439.25 and the Nasdaq Composite Index rose 8.36 points to 2458.69.
- NZPA