NZ sharemarket slips as world markets down
The New Zealand sharemarket fell in early trading, after equity markets around the world slumped as investors worried about the impact of higher oil prices due to violent unrest in Libya.
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The New Zealand sharemarket fell in early trading, after equity markets around the world slumped as investors worried about the impact of higher oil prices due to violent unrest in Libya.
Around 10.15am the benchmark NZX-50 index was down 4.79 points to 3367.28, after gaining 13.4 points yesterday.
Nuplex lost 13c to 346 after reporting a 10 percent fall in half year net profit to $31.1 million, with sales up 6.5 percent to $761.5 million.
Port of Tauranga gained 7c to 780 as its half year net profit rose 23 percent to $28.4m as trade volumes lifted 18 percent.
Air New Zealand was down 2c to 132 after reporting half year operating revenue up 9 percent to $2.2 billion, and Auckland Airport, which reported a 14 percent rise in half year underlying earnings, gained 2c to 226.
Contact Energy lost 4c to 616, Sky City was down 2c to 329, and Telecom dropped 2c to 214, while OceanaGold gained 10c to 370, Xero lifted 9c to 263 on low volume, and Sky TV was up 2c to 538.
In the United States, stocks closed lower for a second straight session as Libya's violence sent oil prices up briefly to $US100 a barrel and tech shares sank, adding credence to calls for a market correction.
Based on preliminary data, the Dow Jones industrial average was down 0.9 percent to end unofficially at 12,105.78, the Standard&Poor's 500 Index was down 0.6 percent at 1307.41, and the Nasdaq Composite Index was down 1.2 percent at 2722.99.
NZPA
Thu, 24 Feb 2011
Thu, 24 Feb 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
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NZ sharemarket slips as world markets down
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