Telecom shares fell to a new record low today in a New Zealand sharemarket which under-performed other markets.
There was further disappointment when major electricity companies opted to develop electricity futures contracts on an ASX platform, rather than with the NZX. NZX shares fell 3c to 158.
The benchmark NZX-50 closed up 5.209 points, or 0.173 percent, at 3024.101 after the Dow Jones industrial average gained 2.3 percent on Wednesday US time and the Australian market posted gains in excess of 2 percent today.
Turnover was worth $78.98 million. There were 50 rises and 25 falls among the 115 stocks traded.
"It was a disappointing performance by the New Zealand market with offshore markets powering ahead. We're just holding our heads above water, and really under-performing today," said Grant Williamson, director at Hamilton, Hindin, Greene.
"There just doesn't seem to be any conviction buying in the local market," he said.
Telecom traded as low at $1.82 and closed down 3c at $1.83, which is below the previous record low of $1.85.
"There is still selling pressure in that stock and no real relief for investors," Mr Williamson said.
Contact Energy ended up 1c at $5.77, while Fletcher Building ended unchanged at $8.20 after being ahead 7c in early trading.
Port of Tauranga was up 6c at $6.70, Mainfreight lifted 5c to $6.25, and Hallenstein Glasson gained 5c to reach $3.35. Sky City fell 3c to $2.85, and Freightways was up 3c at $2.98.
NZ Oil & Gas was unchanged at $1.36, Auckland Airport was up 1c to $1.86, Sky TV fell 2c to $4.60, Ryman Healthcare gained 1c to reach $2.13, Nuplex fell 3c to $2.90 and Fisher & Paykel Healthcare fell 2c to $3.16.
In the US stocks, rallied as investors rushed back into beaten-down shares, led by energy, which bore the brunt of the sell-off a day earlier.
Shares of Halliburton rose 12 percent after executives said the offshore oil industry had plenty of work even as the Obama administration imposed a six-month moratorium on deep-water drilling.
The Dow Jones industrial average gained 2.3 percent to 10,249.54, the Standard & Poor's 500 Index rose 2.6 percent to 1098.38, and the Nasdaq Composite Index climbed 2.6 percent to 2281.07.
