KEY POINTS:
The New Zealand sharemarket hit another record in early trade today, lifted by a rise in prices for top stock Telecom.
Around 15 minutes after the market's 10am opening, the benchmark NZSX-50 index was up 9.31 points to 4241.64, having hit a new record a few minutes earlier of 4242.22.
Telecom's shares were up 5c early to 480, following a 6c fall yesterday.
Yesterday's star performer Fletcher Building was unchanged early at 1178, having hit an alltime high of 1190 yesterday, before easing, after the company said a $70 million tax windfall would boost its full year result.
Fletcher also today announced it would not be rebuilding its Taupo medium density fibreboard plant destroyed by fire.
It also said it expected a $24 million boost to earnings from insurance issues concerning that plant and the failure of a transformer at Pacific Steel.
Shares in NZ Windfarms were down 15c early to 180 after it confirmed it would go ahead with a $75 million share issue to meet future funding requirements.
Along with Telecom, other stocks to rise early were Contact Energy up 4c to 885, Fisher & Paykel Healthcare up 2c to 378, and Trustpower up 5c to 815.
Shares to fall early included Sky City down 1c to 493 and Sky TV down 3c to 602.
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US stocks rose after the Federal Reserve's latest policy meeting ended without any unwelcome surprises, allowing investors to refocus on the solid outlook for corporate profits.
Texas Instruments shares jumped 4.7 per cent after the world's biggest maker of chips for mobile phones said it had raised its profit margin targets. The Philadelphia Stock Exchange index of semiconductors rose 1.7 per cent.
A sharp decline in oil prices boosted industrial conglomerates such as diversified manufacturer Honeywell International Inc and heavy construction and mining equipment-maker Caterpillar Inc.
The Federal Reserve left benchmark interest rates unchanged and in its policy statement said the economy was growing at a moderate pace, and that core inflation, while elevated, was likely to slow.
The Dow Jones industrial average gained 0.40 per cent, to end at 13,362.87 -- its 21st record closing high this year.
The Standard & Poor's 500 Index rose 0.32 per cent, at 1512.58. The Nasdaq Composite Index was up 0.18 per cent, at 2576.34.
- NZPA