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Sharemarket Edges Down Early, Although Telecom Gains

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, June 9 NZPA - The sharemarket edged down early, even as top stock Telecom gained in the first few minutes after the market opened while several other leading stocks lost ground.

Telecom was up 3c early to 259, reversing some of yesterday's 5c fall.

But Contact Energy fell further, down another 7c early to 560, on top of yesterday's 13c decline which came after the company said it expected full year underlying earnings after tax down 30 to 33 percent, due to lower than expected wholesale electricity prices.

Fletcher Building lost 4c early to 685, adding to yesterday's 6c fall.

Around 10.15am the benchmark NZSX-50 index was down 1.03 points to 2815.58, having lost 17.9 points yesterday.

Among stocks falling early Sky TV lost 10c to 430, Port of Tauranga was down 8c to 620, Mainfreight slipped 4c to 421 and Kiwi Income Property Trust dropped 4c to 91.

Among stocks gaining early, Sky City lifted 3c to 279 and Sanford was up 2c to 575, while dual-listed bank ANZ added 50c to 2100.

In the United States, a late rebound enabled stocks to end flat, shrugging off lighter-than-expected sales from McDonald's and lowered iPhone prices from Apple .

The Dow Jones industrial average gained 0.02 percent to 8764.49, the Standard & Poor's 500 Index dropped 0.1 percent to 939.14, and the Nasdaq Composite Index dropped 0.4 percent to 1842.40.

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