The sharemarket today failed to respond to a strong overnight performance that saw the Dow Jones industrial average jump over 1.5 per cent.
Auckland Airport shares fell 16c, or 5 per cent, to 267, on speculation the Canada Pension Fund will pull its 3.598c bid due to the
Government passing legislation last night wiping out the tax advantages of the bid for the fund.
The benchmark NZSX-50 index was down 5.3 points to 3565.4 at 10.20am.
Turnover was pitiful at less than $10m.
Telecom, down 12c yesterday after going ex its 7cps dividend, was up 1c to 390.
The Warehouse continued to gain on speculation Woolworths will make a pre-emptive takeover bid strike, up another 1c to 615 after gaining 14c yesterday.
Casino operator Sky City, which yesterday gained 5c after it pleasantly surprised the market with a strong first half result, was up 4c to 400.
Fletcher Building added 4c to yesterday's 12c gain to be on 966.
Ebos rose 10c to 490, and Fisher & Paykel Healthcare rose 4c to 259 despite the New Zealand dollar hitting a post-float high of US81.20c.
Tourism Holdings, which may suffer from the high currency, was down 4c to 185.
Pyne Gould Corp which produced a strong result including a standout performance from its finance company, Marac, rose 8c to 338.
US stocks rose sharply on signs the two largest bond insurers would stabilise, bringing a wave of relief to a market dogged by concerns of further bank write-downs.
The Dow Jones industrial average rose 189.20 points, or 1.53 per cent, to end unofficially at 12,570.22. The Standard & Poor's 500 Index climbed 18.66 points, or 1.38 per cent, to finish unofficially at 1,371.77 and the Nasdaq Composite Index gained 24.13 points, or 1.05 per cent, to close unofficially at 2,327.48.
- NZPA
