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NZ Sharemarket Tumbles Early

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Oct 27 NZPA - New Zealand stocks tumbled in early trading after the long holiday weekend, following the lead of global markets amid fresh concerns about economic recovery.

Around 10.20am the benchmark NZSX-50 index was down 20.92 points to 3194.01, having gained 13.2 points on Friday.

Among leading shares, Fletcher Building fell 8c early to 834, Telecom was down 2c to 248, and Contact Energy lost 8c to 620.

Retailer Hallenstein Glasson fell 5c to 305, Mainfreight dropped 5c to 555, Sky City fell 4c to 335, Rakon 4c to 117, Auckland Airport was down 3c to 197, and Sky TV down 3c to 477.

Stocks rising early included Port of Tauranga, up 5c to 710, Sanford up 4c to 480, and Fisher & Paykel Healthcare up 2c to 296.

In the US, stocks fell for a second straight session as investors ditched home builders and financials on fears that a federal home buyer tax credit might be phased out, while commodity shares succumbed to pressure from the higher US dollar.

Trading was choppy. Stocks initially started on firmer footing, with indexes up more than 1 percent shortly after the open, but the bounce quickly faded as the US dollar rebounded and investors fretted about the financial sector's prospects.

The Dow Jones industrial average dropped 1.1 percent to 9867.96, the Standard & Poor's 500 Index shed 1.2 percent to 1066.95, and the Nasdaq Composite Index fell 0.6 percent to 2141.85.

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