KEY POINTS:
Rakon continued to shine as the sharemarket this morning took a step back from yesterday's record high, as did its main driver of late, Fletcher Building.
Fletcher Building shares eased 6c to 1321, having leapt 4.1 per cent, or 62c, yesterday after it placed 26m shares at 1260, just a 0.4 per cent discount to the prevailing price.
The NZSX-50 index was down 12.54 points to 4320.70 at 10.10am, having touched a record high of 4342.7 yesterday.
There was busy trading with turnover worth $65m.
GPS crystal maker Rakon continues to power ahead following last week's result and bullish forecast. Its 13c rise to 580 today took its market capitalisation to $740m.
Market leader Telecom was down 3c to 487.
Among other movers in the top 50, Port of Tauranga was down 8c to 682 while Pumpkin Patch was down 5c to 410.
The Warehouse was unchanged on 655 after the Commerce Commission again delayed a decision on allowing Woolworths and or Foodstuffs to make a takeover.
Eftpos company Provenco recovered 3c to 75 after it lost 18c yesterday after issuing a profit warning.
Pod was up 9c to 47c after it said yesterday it had received two unsolicited offers -- one a full takeover and the other for a material part of its business. It gave no details.
- NZPA