Yesterday's strong sharemarket rally ran out of steam in early trading today.
The benchmark NZSX-50 index, which gained an impressive 2.5 per cent or 90.97 points yesterday, was down 0.45 of a point to 3601.3 by 10.20am.
The local market was lacking direction from Wall Street, which remains
shut for the President's Day holiday.
Contact Energy rose 5c to 755, while Fletcher Building was flat on 935 and market heavyweight Telecom was down 2c to 410.
Chip maker Rakon added 5c to yesterday's 17c jump to 290.
Fisher & Paykel Appliances, which yesterday rallied 11c to 268 on a strong sales report, added another 2c today to 270.
Auckland International Airport, reported to be going to review its advice shareholders reject a partial offer from a Canadian pension fund, added another 1c to yesterday's 23c bounce, to be on 277.
Property for Industry was up 2c to 127 after it reported a 6 per cent rise in pre-revaluations profit to $15m. It reported a net profit of $44.45m but $26.463m came from property revaluations.
Tourism Holdings was untraded after it reported its half year net profit rose 3.7 per cent to $4.9m. Yesterday its shares closed at 194, having been as low as $1.75 last month against last year's takeover bid of 280.
PGG Wrightson was down 4c to 196 ahead of its result while Sky City was down 5c to 405.
- NZPA
