Wellington, Dec 18 NZPA - The New Zealand share market slipped lower this morning as about a dozen stocks dropped value.

The benchmark NZX-50 index was down 7.346 points, or 0.272 percent, to 2688.584 in the first few minutes of trading.

Rakon lost 5.7 percent, or 8c, to 132, Westpac slipped 25c to $19 and Telstra lost 13c to 425.

NZ Farming Systems Uruguay, which expanded its forecast losses today, shed 5c to 70.

NZ Oil and Gas, which announced yesterday it was buying a strategic stake in Pan Pacific Petroleum, lost 3c to 129

A handful of shares rose, including Air New Zealand rising 2c to 88, AMP Office up 1c to 95, Sky TV 2c to 390 and The Warehouse 1c to 346.

In the United States stocks fell on Wednesday as the US government's effort to stave off a deep recession raised worries about mounting public debts and blunted optimism stemming from the Fed's rate cut.

Crude oil fell briefly below $US40 a barrel for the first time since July 2004, dragging down Exxon Mobil and Chevron Corp.

Morgan Stanley edged up after an analyst said its poor quarterly results were not likely to be repeated.

In preliminary closing numbers, the Dow Jones industrial average fell 100.59 points, or 1.13 percent, at 8823.55. The Standard & Poor's 500 Index slipped 8.85 points, or 0.97 percent, at 904.33. The Nasdaq Composite Index dropped 10.58 points, or 0.67 percent, at 1579.31.

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