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NZ Sharemarket Falls Early

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Jan 18 NZPA - The New Zealand sharemarket fell when it started trading for the week, after stocks slid in the United States on Friday (local time) following a report from bank JPMorgan Chase & Co of deep fourth-quarter loan losses.

Prominent among companies losing ground early today in this country was insurer and investment manager Tower, which fell 10c or 4.6 percent to 206, although the decline was on a low volume of share sales.

Contact Energy was down 8c early to 610, Port of Tauranga fell 5c to 705, Fisher & Paykel Healthcare dropped 3c to 335, and NZ Oil & Gas was down 3c to 159. Telecom slipped 1c to 250 and Fletcher Building was also down 1c, to 830.

Around 10.15am the benchmark NZSX-50 index was down 9.11 points to 3248.84, after declining 20.4 points on Friday.

Stocks gaining early included NZ Refining Co, up 8c to 384, and Cavalier Corp up 5c to 275, both on low volume.

In the US, JPMorgan Chase's loan losses raised concerns about bank profits, while weaker-than-expected results from a consumer survey increased unease about incomes and unemployment.

The Dow Jones industrial average dropped 0.9 percent to 10,609.65, the Standard & Poor's 500 Index fell 1.1 percent to 1136.03, and the Nasdaq Composite Index lost 1.2 percent to 2287.99.

For the week, the Dow ended down 0.1 percent, the S&P fell 0.8 percent and the Nasdaq fell 1.3 percent.

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