NZ shares fall in early trading
The New Zealand sharemarket fell in morning trade, after inching up yesterday
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The New Zealand sharemarket fell in morning trade, after inching up yesterday.
Around 10.15am, the benchmark NZX-50 index was down 5.2 points at 3318.8, having yesterday ended up 6.1 points.
Among the top stocks, Telecom lost 1c to 217, Contact Energy fell 3c to 616, Fletcher Building fell 1c to 777, and Auckland Airport was unchanged at 222.
Fletcher Building yesterday increased the cash component of its hostile takeover offer for Australia's Crane Group.
Retailers were mixed this morning, after figures released yesterday showed a modest improvement in December spending accompanied by signs of consumer caution.
The Warehouse added 2c to 345, Hallenstein Glasson was unchanged at 416, and Michael Hill remained at 870.
Fast food operator Restaurant Brands remained at 268 after yesterday jumping 6c, while Nuplex shares fell 2c to 347.
Westpac was down 18c at 2862, ANZ up 49c at 3025, AMP unchanged at 677, and Telstra fell 1c to 362.
Sky City was unchanged at 336, Sky TV remained at 525 and Infratil also showed no movement at 194.
Meanwhile, US stocks recovered from early losses in light volume on Monday, ending little changed as prospects for strong earnings overcame fears Portugal would be forced into a bailout.
The Dow Jones industrial average was down 37.39 points, or 0.32 percent, at 11,637.37. The Standard&Poor's 500 Index was down 1.75 points, or 0.14 percent, at 1,269.75. The Nasdaq Composite Index was up 4.63 points, or 0.17 percent, at 2,707.80.
NZPA and NBR staff
Tue, 11 Jan 2011
Tue, 11 Jan 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 shares fall in early trading
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