KEY POINTS:
Shares in market heavyweight Telecom were unchanged in early trading after the company reported a 59 per cent fall in first half net profit to $162 million.
The result was due to tougher competition and asset write-downs, and Telecom maintained its full year profit forecast.
Telecom's share price was steady at 266 a few minutes after the market's 10am opening, while among other market leaders Contact Energy slipped 2c to 669.
Fletcher Building was also unchanged, on 554, having risen 4c yesterday after reporting a 27 per cent fall in profit.
Around 10.15am the benchmark NZSX-50 index was down 2.56 points to 2747.58, following a 19.9-point rise yesterday.
In the United States, stocks staged a late rally to close mostly higher after Reuters reported the Obama administration was working on a programme to subsidise mortgage payments for troubled homeowners.
"It's being viewed as a positive both for the mortgage industry and home building industry as well," said Richard Sparks, senior equities analyst at Schaeffer's Investment Research in Cincinnati, Ohio.
In this country Mainfreight gained 6c early to 394, The Warehouse lifted 5c to 350 and Tourism Holdings gained 3c to 66 - but all three were on low volumes. Port of Tauranga lost 3c to 577.
According to preliminary closing figures in the US, the Dow Jones industrial average ended off 0.09 per cent, the Standard & Poor's 500 Index was up 0.17 per cent, and the Nasdaq Composite Index gained 0.73 per cent.
- NZPA