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NZ Sharemarket Slips Early

Fuseworks Media
Fuseworks Media

Wellington, Nov 13 NZPA - Shares in retailer The Warehouse Group were down 6c in early trading on the New Zealand sharemarket, after reporting first quarter sales down 1 percent to $362.9 million.

After adjusting for discontinued fresh produce, frozen food and liquor operations, sales were up 1.2 percent, the company said. The 6c, or 1.4 percent, fall in its shares took the price to 424.

The fall in The Warehouse stocks came as the benchmark NZSX-50 index was down 4.19 points to 3167.9 around 10.15am, having closed up 10.5 points yesterday.

Shares in Steel & Tube were up 5c to 300 early, having fallen 15c yesterday after downgrading its profit forecast although it also told shareholders it was well placed for a recovery.

Cavalier Corporation shares fell 8c to 245 early but on low volume, while Fletcher Building was down 3c to 805, Nuplex fell 3c to 255, Hallenstein Glasson dropped 2c to 310, and Port of Tauranga slipped 2c to 690.

Technology firm Rakon was down 2c to 115, having been unchanged yesterday after reporting a first half loss of $6.2m while signalling a better second half.

In the United States, stocks fell broadly as a stronger US dollar weighed on commodity-linked shares and a guarded outlook from Wal-Mart Stores Inc led to worries about consumer spending.

The Dow Jones industrial average fell 0.9 percent to 10197.09, according to latest available figures, while the Standard & Poor's 500 Index lost 1 percent to 1087.23, and the Nasdaq Composite Index gave up 0.8 percent at 2149.02.


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