KEY POINTS:
The sharemarket managed to lift from yesterday's three-year low in early trading today, but there was only modest cheer for investors.
Having lost 0.6, 1 and 2 per cent in successive sessions, the NZSX-50 benchmark was up 7 points to 3182 at 10.20am today.
In the US, stocks ended in positive territory following volatile trading that saw share prices fall and recover as worries about soaring oil prices and the US economy persisted.
Traders said General Motors' better than expected monthly sales for June helped give stocks a boost in late afternoon trading even though the auto giant reported a hefty sales decline.
Here, top stock Telecom remained rooted on a 15-year low of 345 after sliding 12c yesterday amid general gloom.
Fletcher Building was stuck on a three-year low of 627, while second-ranked Contact Energy rose another 2c to 815 after rising 14c yesterday when it announced that a small Taupo geothermal power project will proceed.
New Zealand Oil and Gas continued to power away, rising 4c to a record 190 today. It rose 8c yesterday after about 84 per cent of its 139 million options were taken up. The energy explorer has raised about $177m so far.
PGG Wrightson was up 6c to 260 despite analysts expressing scepticism about the expected $100m savings to be made from its purchase of Silver Fern Meats.
Others to rise today included Trustpower, 10c to 762, Nuplex, 10c to 520, Rakon, 5c to 285, Tower, 3c to 193 and Air NZ, 2c to 111.
***
In the US, the Dow Jones Industrial Average closed up 32.25 points or 0.28 per cent at 11,382.26 following volatile swings.
The technology-heavy Nasdaq composite ended up 11.99 points or 0.52 per cent at 2304.97 while the Standard & Poor's 500 broad-market index gained 4.91 points or 0.38 per cent to close at 1284.91.
- NZPA
