NZ stocks: Shares flat in morning trading

The sharemarket was flat in early trading today, with gains by Telecom and Fletcher Building offset by a fall by Contact Energy.

Shortly after 11am the benchmark NZSX-50 gross index was up 2.4 points at 3347.20 while the NZSX-All capital index was up 0.22 points at 1010.5.

Bellwether stock Telecom was up 3c at 598, while Fletcher Building continued its recent good run, rising 5c to 748.

But profit takers saw Contact Energy fall 8c to 660, following on from a 23c rise yesterday.

New Zealand Oil & Gas was up 2c to 89c, on top of the 6c it gained yesterday on news that Pike River, in which it owns a 65 per cent stake, has signed a long term transport contract for coal deliveries from its west coast mine.

- NZPA