Wellington, March 25 NZPA - Small rises in the share prices of top stocks helped keep the New Zealand sharemarket marginally positive in early trading, despite a slide by equities in the United States.

The market in this country was trying to hang on to yesterday's gains, which saw the NZSX-50 index rise by more than 3 percent at one point to a five-week high.

That rise was part of a global equities surge after the US government unveiled measures to help put a floor under the recession.

But the euphoria faded in the latest US session, as investors paused to reassess the likely success of the US government's latest plans.

By 10.15am today the NZSX-50 index was up 0.9 points to 2636.23, after ending up 43.9 points, or 1.7 percent, yesterday.

Helping hold the market up were rises in leading stocks, with Telecom gaining 2c to 233 and Contact Energy up 3c to 605, although Fletcher Building was down 4c to 625.

Yesterday Telecom lost 1c, Contact added 12c and Fletcher gained 19c.

Also rising early today was resins maker Nuplex, up 7c to 75, on top of a 15c gain yesterday. Renewed interest in the company follows a dismal day last Friday when the shares plunged from 107 to 51 after the company announced plans for a seven-for-one rights issue.

Among other early share movements today, Methven was down 2c to 118, Port of Tauranga lost 5c to 500, Steel & Tube lost 5c to 265, The Warehouse was down 3c to 362, and Sky TV dropped 2c to 388. Fisher & Paykel Appliances added 2c to 41.

In the US, bank stocks, which had posted their best day in at least 16 years the previous day, dragged Wall Street lower as investors booked profits.

The Dow Jones industrial average was down 1.5 percent at 7660.21, the Standard & Poor's 500 Index was down 2 percent at 806.33, and the Nasdaq Composite Index was down 2.4 percent at 1518.34.

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