The New Zealand sharemarket was flat early, with The Warehouse losing 3c after reporting sales slipping 0.2 percent in the latest quarter from a year earlier.The group, which was down to 385, said it was not yet seeing signs of any real or sustainable rec
The New Zealand sharemarket was flat early, with The Warehouse losing 3c after reporting sales slipping 0.2 percent in the latest quarter from a year earlier.
The group, which was down to 385, said it was not yet seeing signs of any real or sustainable recovery in consumer spending.
Despite those cautious comments, another retailer, Briscoe Group, rose 2c early to 142.
Infrastructure investor Infratil also added 2c early, on low volume, to 188 after saying it was considering making a public bond offer.
Kiwi Income Property Trust was unchanged early at 104 after reporting a 10 percent rise in first half distributable profit to $33 million, largely as a result of a fall in tax expenses.
Xero shares were up 1c to equal the intraday record 193 reached yesterday when it lifted 10c after reporting half year revenue of $3.7m, up from $1.3m a year earlier.
Around 10.20am the benchmark NZX-50 index was down 1.18 points to 3330.32, after slipping 2.4 points yesterday.
Restaurant Brands was up 3c to 276, NZ Refining Co added 3c to 378, Mainfreight lifted 3c to 739, and NZX gained 2c to 157.
Among leading stocks Contact Energy slipped 1c to 598, Telecom edged up 1c to 217, and Fletcher Building added 1c to 804.
In the United States, stocks fell after a disappointing outlook from Cisco rattled the market.
Traders were also on edge as world leaders meet in South Korea in hopes of heading off another bad turn in global trade relations.
According to preliminary calculations, the Dow Jones industrial average fell 0.7 percent to close at 11,283, the S&P 500 index fell 0.4 percent, to 1213, and the Nasdaq lost 0.9 percent, to 2555.
