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NZ sharemarket slips early

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Sept 24 NZPA - The New Zealand sharemarket slipped in early trading after stocks in the United States dropped stocks through a key technical level.

Fletcher Building lost 5c early to 857, Freightways was down 3c to 297, Cavalier Corp lost 2c to 317, and NZX eased 2c to 158.

Fisher & Paykel Healthcare gained 2c to 304, Telecom was unchanged on 203 and Contact Energy down 1c to 572.

Around 10.15am the benchmark NZX-50 index was down 2.89 points to 3225.14, having closed down 8.3 points yesterday.

Postie Plus Group was not traded early at 32c, after the apparel and nursery equipment retailer posted a 6.5 percent fall in annual pre-tax profit to $781,000, saying the result reflected flat consumer spending patterns.

Pumpkin Patch fell 3c to 190. On Wednesday it reported a 76 percent rise in profit.

In the US, stocks fell after a weak reading on the labour market dropped stocks through a key technical level, validating the worries of those who thought the recent rally was flimsy.

Major indexes were little changed for most of the day before the Standard & Poor's 500 broke below 1130, the high end of the summer's trading range. Investors had hoped that the level would hold despite low trading volume, which raised questions about the rally's stamina.

The Dow Jones industrial average ended down 0.7 percent at 10,662.42, the S&P 500 Index finished down 0.8 percent at 1124.83, and the Nasdaq Composite Index fell 0.3 percent at 2327.08.

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