KEY POINTS:
The sharemarket took comfort from Wall Street's record run when it opened positively today, getting over yesterday's jitters caused by a fresh dive on the Shanghai sharemarket.
The NZSX-50 benchmark index was up 10.74 points at 10.20am to 4290.37, having lost 0.7 per cent yesterday when Shanghai slumped 6 per cent.
Telecom was up 2c to 484 today despite news it may have to spend $400m to switch its mobile network to the same system as rival Vodafone.
No 2 stock Fletcher Building was up 4c to 1283.
Mainfreight, yesterday's standout performer following its solid result, was up another 10c to 735.
Sanford continued its good run, rising 5c to 455 and Ryman Healthcare was up 6c to 264.
TrustPower was down 10c to 825 as wholesale power prices continued to ease thanks to good inflows to hydro lakes.
Insurer and fund manager Tower was down 6c to 230.
NZX was unchanged on 1100 after announcing it was getting into the news game through the purchase of internet media company NewsRoom.
NZ Experience fell 3c to 29 and Postie Plus was down 3c to 82c.
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In the US, the Standard & Poor's 500 closed at its first record high in seven years after minutes from the Federal Reserve's latest meeting reassured investors about the economy's health.
Amid a broad-based rally in the US stock market, the Dow industrials set another record high, too, bringing a resounding end to a global equities sell-off sparked by a plunge in China's benchmark share index.
The Nasdaq notched its highest finish in more than six years. On Wall Street, this was the third day of gains for all three major US stock indexes.
The Dow Jones industrial average shot up 111.74 points, or 0.83 per cent, to close at 13,633.08, just off a lifetime high of 13,636.09 set earlier in the session.
- NZPA