The sharemarket eased a few points in early trading today to take the benchmark index within spitting distance of a 27-month low.
The NZSX-50 index was down 6 points to 3400 at 10.20am, and was less than four points from the 27-month low.
On Wall Street, the leading
indices ended mixed. US technology stocks ended higher as investors bet that consumer and business spending will hold up, brightening prospects for tech sector bellwethers such as Research in Motion and Apple Inc.
Here, No 2 stock Contact Energy held the market from breaking below the 27-month low with a 7c rise to 839 following a 13c fall yesterday.
Market heavyweight Telecom was down 3c to 376 while No 3 Fletcher Building continued its downward spiral, off 5c to 665.
The building materials firm is far from its year high of 1310 but other building stocks around the world also had virtually halved on pessimistic building figures, brokers said.
Tourism Holdings continued to lose ground after last week's profit warning, sliding 2c to 148.
The Warehouse was up 10c to 525. Investors are waiting an overdue Court of Appeal decision on whether Foodstuffs or Woolworths can launch takeover bids.
Others to weaken included Infratil, down 3c to 260, and PGG Wrightson, 3c to 260.
Genesis Research was down 2c to 13c.
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In the US, the Dow Jones industrial average fell 38.27 points, or 0.31 per cent, to end unofficially at 12,269.08. The Standard & Poor's 500 Index inched up just 0.11 of a point, or 0.01 per cent, to finish unofficially at 1360.14. The Nasdaq Composite Index gained 20.28 points, or 0.83 per cent, to close unofficially at 2474.78.
- NZPA
