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Early dip for sharemarket

The New Zealand sharemarket fell more than a third of a percent in early trading, with stocks losing ground including Telecom and Auckland Airport.About 10.15am the benchmark NZX-50 index was down 13.46 points to 3256.93, after yesterday lifting 6.1 point

NZPA
Tue, 30 Nov 2010

The New Zealand sharemarket fell more than a third of a percent in early trading, with stocks losing ground including Telecom and Auckland Airport.

About 10.15am the benchmark NZX-50 index was down 13.46 points to 3256.93, after yesterday lifting 6.1 points.

Telecom fell 2c early, giving up some of yesterday's 5c gain, while Auckland Airport dropped 3c to 206, Nuplex lost 4c to 325, Freightways fell 3c to 305, Trustpower dropped 5c to 725, Sanford was down 5c to 465, and Goodman Property Trust was down 2c to 96.

Methven fell 3c to 155, on top of a 5c fall yesterday which came after the company reported its interim result. The company talked about difficult conditions but maintained its dividend. Mainfreight added 5c early to 740.

In the United States, stocks edged down in low volume on worries Europe's credit crisis will spread despite a weekend agreement to bail out Ireland.

Shares finished well off their lows as the US dollar retraced some of its earlier gains and energy and financial stocks rallied late.

According to preliminary figures the Dow Jones industrial average fell 0.4 percent to 11,052.49, the Standard&Poor's 500 Index slipped 0.1 percent to 1187.79, and the Nasdaq Composite Index eased 0.4 percent to 2525.22.

NZPA
Tue, 30 Nov 2010
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Early dip for sharemarket
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