Asian markets down; Aussie and NZ shares rebound

UPDATE 3.45pm: Results are mixed on the New Zealand sharemarket, which is up 0.82% to 3,209.989 points today after a turbulent week so far.

Bank stocks are among those rising today, ANZ up 40c (1.6%) to $25.20 and Westpac enjoying a 2.4% gain (59c) to $25.59.

Telecom’s share price is up 9.5c (4%) to $2.50, Telstra is up 17c (4.8%) to $3.72 and Freightways is up 14c (4.5%) to $3.25.

Investors have responded positively to Mainfreight’s first-quarter profit announcement today, the transport company’s shares rising 2.4% (23c) to $9.85.

However, the Australian stock exchange has reversed its earlier gain, down 30.5 points to 4110.8, a 0.7% loss.

UPDATE 2.55pm: The S&P/ASX200 has joined the NZX50 in positive territory after early losses, with the Australian index currently sitting at 4156, up 0.3%.

The NZX50 has continued to trade well in the afternoon, up 0.8% to 3209.

The Hang Seng and Nikkei 225 remain down after declines in early trading, respectively down 0.7% and 1.3%.

2.00pm: Asian markets have declined in early trading with Tokyo's Nikkei 225 down 1.3% to 8922, and Hong Kong's Hang Seng down 1.4% to 19505.

The Nikkie slid 4% in the opening minutes of trading, but has somewhat recovered

The NZX50 has continued even trading, up 0.5% on close yesterday to sit at 3201, while the S&P/ASX200 has bounced around after an initial 2% loss, and presently sit at 4109, down 1.4%.

1.00pm: The NZX50 has clawed back early losses to sit at at 3184, the same position as the close of play yesterday.

The rally was led by trade in Telecom, with shares in the telco rising to $2.44, up 1.5%.

Trade in the S&P/ASX200 continues to be volatile, with the index sitting 4096, down 1.1%.

12:40pm: The NZX50 has continued its rally and sits at 3175, erasing most of its early losses to sit only 0.3% down.

The S&P/ASX 200 has followed a similar path, with early trading knocing nearly 2% off the index before an ongoing rise halved the decline.

12.10pm: The Australian sharemarket is down 1.5% in early trading, the S&P/ASX 200 falling 63.4 points to 4077.9.

Meanwhile the NZX 50 has reversed some of its early loss and is now down 0.7% to sit at 3,162.064.

11.35am: The NZX50, down sharply on opening trading, has recoverd almost half initial losses to sit at 3154, down 0.8% on yesterdays close.

So far the big losers this morning are Heartland and Fisher & Paykel Appliance, both down 3.5%.

The NZX 50 is down 1.75% in early trading after overseas markets reversed yesterday's gains.

The index is down 55.63 points to 3,128.114 and threatening to head under 3100 points again after falling through that mark earlier in the week.

ANZ is down 3.95%, dropping 98c to $23.82, Contact Energy is down 2%, dropping 10c to $4.90 and Fletcher Building is down 1.5%, dropping  $11c to $7.19.

Fellow stock market giant Telecom is 1% to $2.38, while Westpac is down 2%, dropping 49c to $24.51.