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Fletcher Building loses steam, sharemarket opens down

Fuseworks Media
Fuseworks Media

Wellington, Sept 22 NZPA - Fletcher Building lost steam in early trading, falling slightly after reaching levels not seen since May 2008 yesterday.

The largest building company's shares have been in demand since Canterbury's massive earthquake, as local and offshore investors anticipate its involvement in the estimated $4 billion reconstruction.

Fletcher Building shares rose 1.9 percent, or 16c to 866 yesterday, but this morning was trading at 859, down 7c.

The benchmark NZX-50 index opened down 2.662 points, or 0.082 percent, at 3234.094 as overseas markets eased after the US Federal Reserve this morning said it was prepared to provide additional accommodation if needed to support the economic recovery.

Overseas investors had hoped that with recent improvements in economic data, the Federal Reserve would issue a more upbeat outlook, or clarify the measures it would take to stimulate demand.

Restaurant Brands, another stock to post large gains yesterday after it reported a 3.7 percent rise in quarterly sales, was also down. Shares fell 3c to 256.

It made a comeback about 10.15am when shares went up 1c to 260.

Telecom fell 2c to 204, Mainfreight fell 1c to 720, Trustpower fell 2c to 738, and Michael Hill fell 1c to 70.

ING Medical Properties was down 2c to 123, Fisher & Paykel Healthcare was down 4c to 307, and Sky City was down 1c to 289.

Among the gainers, Contact Energy rose 1c to 576, Air New Zealand rose 1c to 130, and Nuplex rose 2c to 348.

In the United States, the Dow Jones industrial average was up 7.41 points, or 0.07 percent, at 10,761.03. The Standard & Poor's 500 Index was down 2.93, or 0.26 percent, at 1139.78. The Nasdaq Composite Index was down 6.48 points, or 0.28 percent, at 2349.35.

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