Small rises in the share prices of top stocks helped keep the New Zealand sharemarket marginally positive in early trading, despite a slide by equities in the United States.
The market in this country was trying to hang on to yesterday's gains, which saw the NZX-50 index rise by more than 3 per cent at one point to a five-week high.
That rise was part of a global equities surge after the US government unveiled measures to help put a floor under the recession.
By 10.25am today the NZX-50 index was up 0.9 points to 2636.23, after ending up 43.9 points, or 1.7 per cent, yesterday.
Helping hold the market up were rises in leading stocks, with Telecom gaining 2c to $2.33 and Contact Energy up 3c to $6.05, although Fletcher Building was down 4c to $6.25.
Yesterday Telecom lost 1c, Contact added 12c and Fletcher gained 19c.
Also rising early today was resins maker Nuplex, up 7c to 75c, on top of a 15c gain yesterday. Renewed interest in the company follows a dismal day last Friday when the shares plunged from $1.07 to 51c after the company announced plans for a seven-for-one rights issue.
Among other early share movements today, Methven was down 2c to $1.18, Port of Tauranga lost 5c to $5.00, Steel & Tube lost 5c to $2.65, The Warehouse was down 3c to $3.62, and Sky TV dropped 2c to $3.88. Fisher & Paykel Appliances added 2c to 41c.
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In the US, bank stocks, which had posted their best day in at least 16 years the previous day, dragged Wall Street lower as investors booked profits.
The Dow Jones industrial average was down 1.5 per cent at 7660.21, the Standard & Poor's 500 Index was down 2 per cent at 806.33, and the Nasdaq Composite Index was down 2.4 per cent at 1518.34.
- NZPA
<i>NZ stocks:</i> Market edges positive early
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