KEY POINTS:
Profit taking on number 3 stock Contact Energy from yesterday's record highs and from a resurgent Telecom pegged the sharemarket back in early trading today.
The benchmark NZSX-50 index, which gained 0.9 per cent to reach a month high yesterday, was down 4.70 points to 4289.57 at 10.20am. Turnover was worth $58 million. Falls outnumbered rises 15 to 14 among the 73 stocks traded.
Contact rose 13c to a record high 935 yesterday but today it fell back 4c to 931. It is seen as a defensive stock, well insulated from the high dollar.
Top stock Telecom lost 2c of yesterday's 6c gain to be on 482.
Fisher & Paykel Appliances, also on a good run this week, eased back 2c to 370.
Australian private equity company Ironbridge Capital has nabbed total control of MediaWorks, owner of TV3. Its subsidiary HT Media said it would launch a second, higher bid at 268 a share for the 17.4 per cent of shares in MediaWorks it had been unable to buy in last month's takeover bid.
HT had already secured a lock up agreement with 8.7 per cent owner Brook Asset Management that will take it over the 90 per cent threshold whereby it can compulsorily acquire the rest.
MediaWorks shares rose 21 cents to 266.
Tourism Holdings was unchanged on 270 with just one day to go before MFS Living and Leisure's 280-per-share takeover offer expires. MFS said yesterday it had reached acceptances for 71.3 per cent of THL shares.
Oil stock NZOG continues its good run from rising oil prices, up 3c to 132.
Ryman rose 5c to 220 following news that AMP Capital plans to float 80 per cent of its rival retirement home operator Summerset.
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On Wall Street, US stocks rose, driving the Dow to its first close over the 14,000 mark.
Forecast-topping results from the technology and industrial sectors shifted the market's focus back to earnings optimism, even as Fed chief Ben Bernanke fanned concerns about the subprime market.
The Dow Jones industrial average closed up 82.19 points, or 0.59 per cent, to end at a record 14,000.41. The Standard & Poor's 500 Index rose 6.91 points to finish at 1553.08. The Nasdaq Composite Index was up 20.55 points to close at 2720.04, after earlier hitting 2,724.74, its highest in six-and-a-half years.
- NZPA