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NZ sharemarket falls early

Fuseworks Media
Fuseworks Media

Wellington, May 27 NZPA - The New Zealand sharemarket fell to its lowest level in 10 months in early trading.

Shares in Mainfreight fell 14c to 585 after it reported a 2.5 percent rise in full-year net profit, while total sales fell by 10.5 percent.

Around 10.30am the benchmark NZX-50 index was down 19.22 points to 2991.97, having gained 7.4 points yesterday.

Telecom slipped 2c to 188, having closed up 5c yesterday after reaching a record low 185 on Tuesday.

Contact Energy was up 6c to 592, Nuplex added 2c to 299, and Ebos Group lifted 2c to 602.

Sanford lost 19c to 427 after yesterday reporting a 79.4 percent fall in interim profit, with a 19 percent decrease in sales revenue reflecting lower prices for some species, the impact of a higher exchange rate and lower volumes of some species.

Cavalier Corp fell 4c to 220, Fisher & Paykel Healthcare fell 4c to 321, NZX dropped 5c to 160, and The Warehouse lost 8c to 345.

In the United States, Wall Street staged yet another late-day reversal to end lower as news suggesting China was reassessing its euro-zone debt holdings pushed investors into profit-taking mode.

The Dow Jones industrial average dropped 0.7 percent to 9974.45 -- dropping below 10,000 for the first time since February 8, while the Standard & Poor's 500 Index fell 0.6 percent to 1067.95, and the Nasdaq Composite Index lost 0.7 percent to 2195.88.

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