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NZ Shares Edge Lower Early

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Oct 19 NZPA - The New Zealand sharemarket slipped in early trading, following disappointing corporate results from the United States at the end of last week.

Around 10.15am the benchmark NZSX-50 index was down 1.9 points to 3205.31, having gained 15.9 points on Friday.

Stocks falling early today included Contact Energy, down 6c to 614, Port of Tauranga down 6c to 702, NZX down 4c to 806, Nuplex down 3c to 238, Auckland Airport down 2c to 199, Cavalier Corporation down 2c to 248, and Fletcher Building down 2c to 815. Telecom was unchanged early on 255.

Among stocks gaining early, Trustpower lifted 4c to 752, Hellaby Holdings added 3c to 168, Rakon was up 2c to 122, and Michael Hill International gained 2c to 68.

Fisher & Paykel Healthcare also gained 2c early, to 299, after reporting it had taken advantage of the strength of the New Zealand dollar against the greenback to monetise $US47m ($NZ64.4m) of forward exchange contracts. The cash benefit of $23m had been used to reduce bank debt.

In the US, stocks fell on Friday (local time) after disappointing results from General Electric Co and Bank of America Corp demonstrated the road to economic recovery will be bumpy.

The Dow Jones industrial average fell 0.7 percent to 9995.91, the Standard & Poor's 500 Index lost 0.8 percent to 1087.68, and the Nasdaq Composite Index gave up 0.8 percent at 2156.80.

For the week the S&P 500 was up 1.5 percent, the Dow up 1.3 percent and the Nasdaq up 0.8 percent.

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