KEY POINTS:
Global positioning systems technology company Rakon continued to star today on an otherwise dull sharemarket.
The benchmark NZSX-50 index was up 2.1 points to 4216.86 at 10.10am after losing 0.6 per cent yesterday. Turnover was light at $27 million.
Rakon shot up 21c yesterday and climbed another 15c to a record 538 today on the back of its March year result, and a forecast 2008 revenue would double, despite battling the strong kiwi dollar.
Its shares listed exactly a year ago at $2.40 after being issued at $1.60 in the IPO.
Fletcher Building was up 7c to 1191 but market leader Telecom was down 1c to 475 amid complaints its proposal to sell off its network and resist a Government three-way split were a return to its old combative tactics.
Infratil repeated yesterday's 7c rise to hit a record 659 in the wake of Monday's well-received result.
However, its 50.5 per cent owned TrustPower fell 15c to 825.
The Environment Court yesterday gave the go ahead for rival Meridian's wind power farm in Makara near Wellington.
Contact Energy, which also planned several major wind projects, was down 1c to 864.
Among the smaller stocks, Kirkcaldie & Stains was up 10c to 315.
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In the United States, the Dow industrials rose to a record high close as signs of stabilising inflation raised the prospect of lower interest rates, boosting the outlook for business investment.
The Dow Jones industrial average rose 37.06 points, or 0.28 per cent, to end at 13,383.84, a record close.
The Standard & Poor's 500 Index fell 1.96 points to 1501.19 and the Nasdaq Composite Index 21.15 points to 2525.29.
- NZPA