The New Zealand sharemarket clung onto gains in morning trade, with high levels of demand for Chorus following its first result announcement helping offset the sell off in former parent company Telecom.
The NZX 50 Index rose 0.67 points, or 0.19 per cent, to 3623.26 as of noon, paring back from a stronger open. A higher-than-usual 34.8 million shares passed through the bourse by midday, representing $88.4m in turnover.
Across the Tasman, Australia's S&P/ASX 200 Index rose 0.3 per cent to 4363.20, and in Tokyo the Nikkei Index rose 0.7 per cent to 9132.52 in early trade.
Chorus' share price extended its rally after it posted a maiden net profit of $102 million and declared a 14.6c dividend for its first seven months as a listed company.
The shares rose 8.9 per cent to $3.44, the highest level in almost four months.
Telecom, the country's biggest phone company and most traded stock, fell 3.6 per cent to $2.43 after its first full year profit as a demerged company was flat and the detail showed it was losing marketshare to rivals. The shares have lost about 8 per cent since the profit news on Friday morning.
Tourism Holdings, the campervan company and operator of the Waitomo caves, rose 3.5 per cent to 60c after its books returned to profit. The company reported net earnings of $4.5m for the year to June 30, compared to a $27.7m loss a year ago.
Fisher & Paykel Appliances, the whiteware maker, rose 2.16 per cent to 71c.
New Zealand Oil & Gas, the energy exploration and production company, rose 1.8 per cent to 86c.
Trade Me, the online marketplace provider, rose 0.8 per cent to $3.88. The firm acquired Tradevine, an e-commerce management business, last week from Christchurch entrepreneur Peter Montgomery for an undisclosed sum.
Fletcher Building, the country's biggest construction firm, rose 0.6 per cent to $6.51, recovering some of the ground it lost last week after its full year earnings came in weaker than expected.
Xero, the cloud accounting software provider, fell 7.9 per cent to $4.32, leading decliners on the exchange at midday.
Goodman Fielder, the Australian food ingredient maker, fell 2.9 per cent to 66c.
NZX, the securities market operator, fell 1.9 per cent to $1.06, with the stock still feeling the effects of its weaker outlook.
NZX said it was banking on the partial float of the state owned assets to offset a weaker macroeconomic environment, but iwi challenges over water rights could delay the process.
- © Fairfax NZ News