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NZ Sharemarket Slips In Early Trading

Fuseworks Media
Fuseworks Media

Wellington, Sept 24 NZPA - The New Zealand sharemarket slipped in early trading, following falls in stocks in the United States after a statement from the Federal Reserve.

Around 10.15am the benchmark NZSX-50 index was down 7.95 points to 3139.96, after yesterday gaining 5 points following data indicating the economy had squeaked out of recession.

The fall in the US came as investors worried the Federal Reserve is closer to pulling back on extraordinary measures to inject funding to shore up the economy.

Among leading shares in this country, Fletcher Building fell 4c to 845, Telecom gained 1c to 262, and Contact Energy was up 2c to 575.

Stocks falling early included Nuplex, down 4c to 245, Port of Tauranga down 4c to 646, and Tower down 3c to 176.

Shares falling 2c included Auckland Airport, to 185, Fisher & Paykel Appliances to 73, F&P Healthcare to 317, Freightways to 318, NZ Refining Co to 470, Sky City to 317 and Trustpower to 745.

Early risers included Mainfreight, up 3c to 518.

In the US, the Dow Jones industrial average shed 0.8 percent to 9748.55, the Standard & Poor's 500 Index declined 1 percent to 1060.87, and the Nasdaq Composite Index lost 0.7 percent to 2131.42.

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