KEY POINTS:
The sharemarket marked time in early trading after the benchmark index yesterday hit a record.
Trading in Fletcher Building was suspended after it announced the billion dollar purchase of Formica Corp from private equity firms in the US.
It planned a $300 million share placement to help fund the purchase. Fletcher shares last traded at 1265, down from Monday's 1290 record.
The NZSX-50 index was down 1.09 points at 4288.50 at 10.15am, having yesterday moved above 4300. Turnover was a modest $28m.
Top stock Telecom remained range-bound, up 1c to 480.
Rakon was up 7c to a record high of 556, moving its market capitalisation above $700m.
Sky City was down 6c to 502 after rising 16c yesterday on the announcement of cost-cutting plans and possible asset sales.
Despite this, it said it was comfortable with analysts' forecast profit range.
Fisher & Paykel Healthcare was unchanged on 360 after announcing its March year net profit fell 18 per cent to $57.6m.
It forecast an operating profit of around $75m in 2007/8 at today's exchange rate.
Sky TV was up 4c to 601 but there were few other significant moves.
Ryman Healthcare, which yesterday said it expects 20 per cent profit growth in the 2007/8 year, was up 2c to 260.
Air New Zealand was down 2c to 280.
- NZPA