NZ sharemarket flat early
The New Zealand sharemarket was flat in early trading, after yesterday halting a five-day losing streak.
The New Zealand sharemarket was flat in early trading, after yesterday halting a five-day losing streak.
Around 10.20am today the benchmark NZX-50 index was down 1.01 points to 3460.8, having yesterday finished up 4.3 points.
Overnight, global investors fled assets perceived as risky after disappointing economic data and a surprise announcement that strategic oil reserves would be tapped, fueling concerns of a global slowdown.
But in a late development Greece won the consent of the European Union and International Monetary Fund for a new five-year austerity plan, which buoyed sentiment and propelled Wall Street stocks and the euro to trim losses.
Most early share movements in this country were small, with the largest including Restaurant Brands up 3c to 258, Xero up 2c to 220, Pumpkin Patch up 2c to 104, and The Warehouse lifting 2c to 347.
Port of Tauranga lost 2c to 888, with Contact Energy down 1c to 544, Telecom unchanged on 248, and Fletcher Building unchanged on 865.
The Dow Jones industrial average dropped 0.5 percent to 12,050.00 at the close, and the Standard & Poor's 500 Index lost 0.3 percent to 1283.50, while the Nasdaq Composite Index gained 0.7 percent to 2686.75.
Earlier in the day, markets had sold off as oil's slide to a four-month low triggered declines in a fragile market after Federal Reserve chairman Ben Bernanke's comments about a slowing economic recovery a day earlier.
NZPA
Fri, 24 Jun 2011
Fri, 24 Jun 2011
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NZ sharemarket flat early
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