The New Zealand sharemarket was flat in early trading, with the highlight being a continued rise in shares of market operator NZX.Around 10.15am the benchmark NZX-50 index was up just 0.27 points to 2947.61, after a 9.2-point gain yesterday.NZX shares wer
The New Zealand sharemarket was flat in early trading, with the highlight being a continued rise in shares of market operator NZX.
Around 10.15am the benchmark NZX-50 index was up just 0.27 points to 2947.61, after a 9.2-point gain yesterday.
NZX shares were up 7c early to 163, on top of a 10c gain yesterday after the company said it intended to buy back up to 3.571 million shares. Last week NZX shares fell to a 17-month low at 140.
Other shares rising early included Trustpower up 2c to 720, and Kiwi income Property Trust up 2c to 92.
Early falls included Methven down 2c to 150 and Sky TV down 2c to 465.
Telecom, at 182, was unchanged early as were other leading shares Fletcher Building, at 760, and Contact Energy, at 582.
Markets in the United States were closed overnight for the Independence Day holiday, while Europe's FTSEurofirst 300 drifted 0.1 percent lower, with the continent's banks losing 0.5 percent.
Data showing the US labour market shrank for the first time this year in June, slower Chinese manufacturing activity and euro zone austerity measures are fuelling concerns over prospects for the global economy.
"Double-dip (recession) fears are the pervading influence on market psychology at present even as European sovereign (debt) concerns appear to be easing," said Mitul Kotecha, global head of foreign exchange strategy at Credit Agricole CIB in Hong Kong.
World stocks measured by MSCI All-Country World Index dipped 0.2 percent after losing nearly 4 percent last week. The index has lost 16.2 percent since mid-April, and is down 11 percent for the year.
