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Sharemarket slips in early trading

The New Zealand sharemarket slipped in early trading, after stocks in the United States took a breather.Around 10.15am the benchmark NZX-50 index was down 2.2 points to 3290.98, after yesterday gaining 9.9 points.Trustpower fell 15c to 722, Telecom lost 2

NZPA
Tue, 07 Dec 2010

The New Zealand sharemarket slipped in early trading, after stocks in the United States took a breather.

Around 10.15am the benchmark NZX-50 index was down 2.2 points to 3290.98, after yesterday gaining 9.9 points.

Trustpower fell 15c to 722, Telecom lost 2c to 216 after yesterday gaining 3c, Contact Energy was down 2c to 619, and Fletcher Building edged down 1c to 789.

Air New Zealand also fell 2c, to 139, as regulators in this country and Australia are thought to be close to deciding on its proposed alliance with Virgin Blue.

Port of Tauranga gained 5c to 740, Turners&Growers was up 3c to 150, Vector added 2c to 245, and Pumpkin Patch added 2c to 167.

In the United States, investors were held in check by worries about Europe's debt crisis, frustrating investors looking for a reason to take stocks to new highs on the year.

Based on preliminary data, the Dow Jones industrial average slipped 0.2 percent to 11,362.19, the Standard&Poor's 500 Index fell 0.1 percent to 1223.12, and the Nasdaq Composite Index gained 0.1 percent to 2594.92.

NZPA
Tue, 07 Dec 2010
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Sharemarket slips in early trading
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