The New Zealand sharemarket was flat in lacklustre early trading, after earlier gains by equities in the United States had been reversed late in the US trading day.In the US, a downgrade of Greece's debt took the wind out of the market's sails.Although no
The New Zealand sharemarket was flat in lacklustre early trading, after earlier gains by equities in the United States had been reversed late in the US trading day.
In the US, a downgrade of Greece's debt took the wind out of the market's sails.
Although not unexpected, the downgrade weighed on a market that had rallied on earlier data showing euro-zone industrial output surged in April, achieving the biggest year-on-year percentage gain in almost two decades.
Around 10.15am the benchmark NZX-50 index was up just 1.54 points to 3044.2, having yesterday edged up 1.4 points.
Trustpower was up 4c to 724 but on limited volume, while Telecom made a 1c gain to 189, Contact Energy was up 1c to 595, and Fletcher Building slipped 1c to 813.
In the US, the Dow Jones industrial average slipped 0.2 percent to 10,190.89, the Standard&Poor's 500 Index shed 0.2 percent to 1089.63, but the Nasdaq Composite Index crept up 0.02 percent to 2243.96.
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