Telecom at four-month low, as NZ sharemarket slips early
The New Zealand sharemarket was lower in early trading, with key stock Telecom dropping to its lowest level in nearly four months.
The New Zealand sharemarket was lower in early trading, with key stock Telecom dropping to its lowest level in nearly four months.
Around 10.15am the benchmark NZX-50 index fell 4.86 points to 3359.05, with Telecom down 3c to 206. On Friday the index ended the day down 4.4 points.
Stock exchange operator NZX gained 4c early to 165, after reporting an 18 percent rise in normalised net profit to $11.7 million.
Nuplex lifted 4c to 335 after falling 8c on Friday, Mainfreight lifted 7c to 815 on low volume, Steel&Tube gained 5c to 264, and Fletcher Building was up 4c to 867, while Contact Energy was down 4c to 620.
In the United States, stocks bounced from a three-day sell-off to rise on Friday (local time), as oil prices stabilised, but unease over the Libyan rebellion could be enough to keep buying in check.
Friday's bounce followed a late recovery Thursday that showed buyers were ready to support shares after a bout of selling.
Analysts have been calling for a correction in stocks, with the Standard&Poor's 500 Index up 25.8 percent since the start of September. Much weaker-than-average volume on Friday cast doubt on stocks' ability to move higher.
The Dow Jones industrial average gained 0.5 percent to end at 12,130.45, the S&P 500 advanced 1.1 percent to finish at 1319.88, and the Nasdaq Composite Index rose 1.6 percent to close at 2781.05.
For the week, the Dow lost 2.1 percent, the Nasdaq declined 1.9 percent, and the S&P 500 lost 1.7 percent .
NZPA
Mon, 28 Feb 2011
Mon, 28 Feb 2011
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Telecom at four-month low, as NZ sharemarket slips early
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