Telecom shares slip after broadband announcement
Telecom shares were among the losers in early trading this morning after the government announced a broadband investment strategy favouring regional partners.
Telecom shares were down 1.29% to $2.29 by 10.30am, with the NZX50 index also sliding slightly, down 0.96%.
The broadband announcement is seen as a win for smaller players such as Vector, whose shares were unchanged at $2.28.
The top decliners were Pike River Coal (down 8.88% to $0.79), Nuplex (down 6.17% to $0.76) and Fisher & Paykel Appliances (down 4% to $0.48).
After last week’s sharemarket gains, trading has been more subdued on the NZX50 this week, with the index falling 0.43% yesterday.
Today’s losses follow falling prices on Wall Street over worries about the automotive and finance sectors.
The Dow Jones Industrial Average fell 254.16 points, or 3.3%, to 7522.02.