NZ sharemarket edges up early
The New Zealand sharemarket made small early gains as stocks in market leaders Telecom and Fletcher Building both edged up 1c amid a restrained start to the week.Around 10.20am the benchmark NZX-50 index was up 2.99 points to 2941.1, after gaining 4.3 poi
The New Zealand sharemarket made small early gains as stocks in market leaders Telecom and Fletcher Building both edged up 1c amid a restrained start to the week.
Around 10.20am the benchmark NZX-50 index was up 2.99 points to 2941.1, after gaining 4.3 points on Friday.
Tourism Holdings rose 3c to 78, while Telecom's small lift took it to 185 and Fletcher Building was at 767. Dual-listed bank Westpac rose 41c to 2600.
Ebos Group fell 9c to 600, ANZ bank was down 5c to 2550, Contact Energy dropped 2c to 571, Restaurant Brands fell 2c to 233, and Ryman Healthcare was down 2c to 197.
In the United States stocks fell on Friday (local time) to close out their worst week in two months as disappointing jobs data joined other recent evidence pointing to a tepid economic recovery.
Volume was among the five lightest days of the year, with many participants leaving early for the long July 4 holiday weekend.
Adding to stocks' weaker tone was a technical move that indicated more selling pressure may be ahead. The S&P 500's 50-day moving average broke below its 200-day moving average, a break known as the "death cross".
The Dow Jones industrial average dropped 0.5 percent to 9686.48, the Standard&Poor's 500 Index lost 0.5 percent to 1022.58, and the Nasdaq Composite Index fell 0.5 percent to 2091.79.
For the week, the Dow fell 4.5 percent, the S&P lost 5 percent and the Nasdaq shed 5.9 percent.
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