KEY POINTS:
Telecom fell back today taking the sharemarket with it after surging nearly 4 per cent yesterday.
The benchmark NZSX-50 index was down 8.47 points to 4159.64 at 10.10am. The index has been see-sawing this week, losing half a per cent yesterday and gaining 1 per cent on Wednesday.
Telecom was down 6c to 481, having gained 18c yesterday. Today, the telco filed a strong rebuke of the Government's plan to force it into a three-way operational split, saying it was untenable for shareholders.
There was very little action elsewhere. The only other top 50 stocks to move more than 2c were Hellaby, down 6c to 403, Rakon up 5c to 490 and Telstra up 5c to 555.
The Warehouse, which rose 9c yesterday, edged back 2c to 713 today. A broker report said the company's shares were likely to jump after the competition regulator clears the way for two potential takeover bids.
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On Wall Street, US stocks rose as Medimmune Inc put itself up for sale, lifting the biotech sector, and strong retail sales data relieved fears about consumer spending.
A surge in oil prices gave investors a reason to buy energy companies' shares and helped push up the S&P 500. Exxon Mobil Corp, up 0.8 per cent, was among the biggest gainers in the S&P 500 and the blue-chip Dow average.
The Dow Jones industrial average gained 68.34 points, or 0.55 per cent, to end at 12,552.96. The Standard & Poor's 500 Index rose 8.93 points, or 0.62 per cent, to finish at 1447.80 and the Nasdaq Composite Index climbed 21.01 points, or 0.85 per cent, to 2480.32.
- NZPA