KEY POINTS:
Stellar results from exporting manufacturers Rakon and Methven helped lift a generally downbeat sharemarket in early trade today.
The benchmark NZSX-50 index was off 6.18 points to 4232.75 at 10.20am.
Prospects of another rate rise following yesterday's frighteningly strong March quarter retail sales dampened investor enthusiasm.
GPS maker Rakon shot up 13c to a record high of $5.15 after it forecast revenue in 2008 would double despite battling the strong kiwi dollar.
Rakon's stock has been a strong performer since listing at 240 year ago tomorrow. They were issued at $1.60.
Methven rose 9c to 235 after the bathroom products maker reported a 7.9 per cent rise in net profit after tax to $7.3 million for the year to March 31. Operating revenue rose 21 per cent to $70.4m.
Vector, the country's largest electricity distributor, was up 1c to 285 after it reported a net profit after tax (Npat) up 18.4 per cent to $39.6m for the nine months ended March 31.
Contact Energy was up 2c to 872.
Telecom was down 3c to 480, while Fletcher Building eased back from yesterday's big gain -- down 7c to 1182.
Infratil rose 10c to 655 after it reported a March year net profit of $34.7m, up from $8 million last year. News that it paid a $14m bonus to its management company Morrison & Co for building Infratil's Australian electricity businesses failed to scare investors.
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US blue-chip stocks rose as news that DaimlerChrysler had found a buyer for its beleaguered Chrysler unit boosted automotive shares, but renewed concerns about the economy pushed down the broader market.
The Dow Jones industrial average rose 20.56 points to 13,346.78. The Standard & Poor's 500 Index fell 2.69 points to 1503.16 and the Nasdaq Composite Index fell 15.78 points to 2546.44.
- NZPA