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NZ Sharemarket Tumbles Early

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Nov 2 NZPA - The New Zealand sharemarket tumbled in early trade, following in the wake of the United States market where the Dow industrials ended last week with its worst slide since July.

Around 10.10am the benchmark NZSX-50 index was down 38.43 points, or 1.2 percent, to 3177.19

Leading the way down, Fletcher Building lost 27c or 3.25 percent early to 805, while Telecom was down 3c to 251 and Contact Energy lost 8c to 618.

NZ Refining Co lost 18c to 515, Nuplex dropped 8c to 240, The Warehouse was down 8c to 446, Sky City lost 7c to 340, Fisher & Paykel Healthcare was down 5c to 305, NZX dropped 5c to 790, and Port of Tauranga was down 4c to 701.

In the US, stocks slid on concerns that the economic recovery won't be robust enough to sustain the seven-month stock rally, while financials sank on renewed worries about Citigroup's balance sheet.

The Dow Jones industrial average fell 2.5 percent to end at 9712.73, the Standard & Poor's 500 Index slid 2.8 percent to 1036.19, and the Nasdaq Composite Index lost 2.5 percent to close at 2045.11.

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