KEY POINTS:
The New Zealand sharemarket was flat in early trading, following the lead of US equities and after a night in which oil prices rose more than US$5 a barrel.
Probably the brightest spot was a 7c rise in Fletcher Building, taking it to 723.
The stock looks to have resumed the rise that started after Fletcher reported its annual result on August 13, but which was interrupted by a dip on Tuesday.
Around 10.15am the benchmark NZSX-50 index was down 0.29 points to 3331.76, after barely moving yesterday.
Top stock Telecom was up 2c to 330 as it claws its way back from a 15-year low of 315 on Wednesday.
Energy stocks were also showing some life with NZ Oil & Gas rising 4c to 150 and Pike River Coal up 2c to 180.
But fishing company Sanford took a hit, losing 40c, or 6.7 per cent, to 560.
Among other stocks to fall early, Rakon was down 3c to 299, NZ Farming Systems Uruguay was down 3c to 157, Tower slipped 2c to 229, NZ Refining Co was down 10c to 710, Methven was down 2c to 166, and Fisher & Paykel Healthcare was down 7c to 285.
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In the US, energy shares were boosted by surging oil prices, though fresh fears of more credit losses on Wall Street kept gains in the wider market modest.
The Dow Jones industrial average was up 0.11 per cent at 11,430.05. The Standard & Poor's 500 Index was up 0.25 per cent at 1277.71. The Nasdaq Composite Index was down 0.36 per cent at 2380.38.
- NZPA
