Telecom shares rose 2.7 percent in a New Zealand sharemarket that posted a 0.245 percent gain as equity markets around the world found some composure at least for now.
The local market fell 1.9 percent yesterday, taking its losses since its most recent high in mid-April to more than 10 percent.
Today, the benchmark NZX-50 index closed up 7.361 points at 3011.187, having opened up 22.1 points. Turnover was worth $144.5 million, of which $31m was in Telecom shares. There were 47 rises and 37 falls among the 113 stocks traded.
"The Dow had a very good run right at the end, so that gave the New Zealand market a bit of a leg up and when the aussie market opened it was charging along as well," Stuart Hardie, adviser at Craigs Investment Partners, said.
Telecom closed up 5c at $1.90 and traded as high as $1.95 today after reaching a new record low of $1.85 yesterday.
"I'm not convinced there is massive buying support for Telecom at the moment. There is still a lot to play out there," Mr Hardie said.
Fisher & Paykel Healthcare fell 15c to $3.25 after reporting a 15 percent rise in annual profit. Mr Hardie said the outlook statements were cautious and many companies did not want to over promise in the current market.
F& P Appliances fell 2c to 56c.
Sanford rose 1c to $4.46 and as the market closed it reported a fall in interim profit but maintained its dividend.
Contact Energy fell 6c to $5.86 and TrustPower rose 1c to $7.20. SkyCity fell 2c to $2.91 and SkyTV fell 3c to $4.55.
Fletcher Building rose 10c to $7.71 and Air NZ rose 1c to $1.20. Hallenstein Glassons rose 8c to $3.40 and Methven rose 3c to $1.58. Hellaby rose 2c to $1.58 and Restaurant Brands rose 2c to $2.23.
Rakon rose 1c to 98c and Steel & Tube rose 3c to $2.53. NZX rose 10c to $1.65.
Dual-listed bank ANZ was up 72c to $2.692, while Westpac added 15c to $27.65.
Allied Farmers fell 0.3c to 6.2c, Pyne Gould Corp rose 1c to 44c and PGG Wrightson rose 2c to 55c.
APN News fell 4c to $2.66 and Abano Healthcare fell 14c to $5.06.
The rally in the US came after major US indexes fell more than 3 percent early in the session on growing questions about the stability of the European banking system after a small Spanish bank failed over the weekend.
The Dow Jones industrial average ended down 0.2 percent at 10,043.75, the Standard & Poor's 500 Index gained just 0.04 percent to end at 1074.03, and the Nasdaq Composite Index shed 0.1 percent to 2210.95.
