NZ sharemarket falls early
The New Zealand sharemarket was lower in early trading at the start of the week, with declines in key shares, and PGG Wrightson was down after a second possible bidder ruled itself out of the running for the company
The New Zealand sharemarket was lower in early trading at the start of the week, with declines in key shares, and PGG Wrightson was down after a second possible bidder ruled itself out of the running for the company
The New Zealand sharemarket was lower in early trading at the start of the week, with declines in key shares, and PGG Wrightson was down after a second possible bidder ruled itself out of the running for the company.
Fletcher Building lost 4c early to 835, Contact Energy dropped 3c to 622, and Telecom was down 2c to 223.
PGG Wrightson said a party that had been interested in the company had decided it would not be making a formal takeover offer. A partial takeover offer by shareholder Agria Corp continues. PGG Wrightson shares fell 3c early to 54.
Around 10.15am the benchmark NZX-50 index was down 9.49 points to 3403.25, after reaching a 2-1/2-year high on Friday when it closed up 17 points.
Fisher&Paykel Healthcare fell 2c to 307, Trustpower dropped 2c to 720, and Sky TV fell 4c to 554, while Abano Healthcare gained 6c to 471, Cavalier Corp lifted 5c to 328, Sky City added 2c to 331, and Xero added 2c to 265.
In the United States, late arrivals to the speediest rally in stocks since the Great Depression pushed stocks higher for a third week on Friday, despite growing signals of an overheating market.
Analysts said investors appeared reluctant to sell despite slack volume and a narrowing spread between winners and losers.
On Friday the Dow Jones industrial average gained 0.6 percent to 12,391.25, the Standard&Poor's 500 Index added 0.2 percent to 1343.01, and the Nasdaq Composite Index edged up 0.1 percent to 2833.95.
For the week, the Dow and the S&P 500 gained 1 percent, and the Nasdaq added 0.9 percent.
NZPA
Mon, 21 Feb 2011
Mon, 21 Feb 2011
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NZ sharemarket falls early
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