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NZ sharemarket flat early


Yesterday's decline in the share price of New Zealand stock exchange high flyer Mainfreight looks to have been only a brief setback.

NZPA
Fri, 03 Jun 2011

Yesterday's decline in the share price of New Zealand stock exchange high flyer Mainfreight looks to have been only a brief setback.

In flat trading early today, following yesterday's sharemarket tumble, Mainfreight shares were up 6c to 999, having fallen 15c yesterday after reaching a record high 1017 on Wednesday.

Other shares gaining early included Fletcher Building, up 3c to 887, and Port of Tauranga up 3c to 878.

Among the early losers, Hallenstein Glasson fell 3c to 375, Nuplex dropped 3c to 309, Sky City dropped 2c to 360, Sky TV was down 2c to 571, and Telecom fell 1.5c to 238.

Around 10.20am the benchmark NZX-50 index was down 1.64 points to 3524.18, after yesterday losing 25.7 points.

Contact Energy was unchanged early on 581, having fallen 9c yesterday after saying it received acceptances for only $331.9 million of the $350 million it was seeking to raise from a one for nine rights offer. The company will run a bookbuild process to sell the shortfall of 3.8 million shares.

In the United States stocks ended a volatile trading day mostly flat as investors were reluctant to make bets a day before a critical labour market report that could magnify fears the US economy is slowing.

The Dow Jones industrial average fell 0.3 percent to 12,248.55, the Standard & Poor's 500 Index dipped 0.1 percent to 1312.94, and the Nasdaq Composite Index rose 0.2 percent to close at 2773.31.      

NZPA
Fri, 03 Jun 2011
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NZ sharemarket flat early
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