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NZ Sharemarket Edges Up In Early Trade

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Sept 14 NZPA - The New Zealand sharemarket edged ahead in early trading, after stocks in the United States broke a five-day winning streak on Friday (local time).

Around 10.15am the benchmark NZSX-50 index was up 2.38 points to 3139.56, after gaining 10.5 points on Friday.

Steel & Tube was down 13c early to 342, after an 11c gain on Friday, while Trustpower lost 5c to 745, and Air NZ dropped 3c to 122.

Early gains were recorded by NZ Oil & Gas, up 3c to 164, Cavalier Corporation up 3c to 250, and Mainfreight up 2c to 515.

Among leading shares, Telecom was down 1c to 271, Fletcher Building up 1c to 796 and Contact Energy up 1c to 607.

The fall in stocks in the US came on a drop in crude oil prices.

Data showing a stronger-than-expected rise in consumer sentiment and a bright outlook from shipper FedEx were not enough to motivate buyers in an equities market recently saturated with good news, analysts said.

"Both equities and oil are exhausted. Money has been coming out of (US) dollar into equities and holding up energy all this week," said Peter Kenny, managing director at Knight Equity Markets in Jersey City, New Jersey.

As long as the US dollar remained weak, stocks would not see a hefty correction since cash was moving out of the US dollar and into risk-associated assets.

The Dow Jones industrial average lost 0.2 percent at 9605.41, the Standard & Poor's 500 Index shed 0.1 percent at 1042.73, and the Nasdaq Composite Index fell 0.2 percent at 2080.90.

For the week, the Dow was up 1.7 percent, the S&P was up 2.6 percent, and the Nasdaq was up 3.1 percent.

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