The sharemarket resumed its decline today after yesterday managing to just interrupt an eight-day losing streak.
At 10.15am, the benchmark NZSX-50 index was bobbing along at a 30-month low, down 2.43 points to 3285. It lost 3 per cent last week, falling every session.
The lead from the
US was mixed today following heavy losses at the end of last week as investors girded for an interest rate policy meeting of the US Federal Reserve amid troubled economic times.
The Dow Jones Industrial Average ended up a slight 2.60 points at 11,845.29 at the closing bell.
The tech-dominant Nasdaq composite sank 20.35 points (0.85 per cent) to 2385.74 while the broad-market Standard & Poor's 500 index gained 0.33 points to a preliminary close of 1318.26.
Here, lead stock Telecom was down 1c to 376, Contact Energy was untraded while No.3 Fletcher Building was unchanged on 658.
NZ Refining was the standout performer in the top 50, up 15c to 700.
Most of the other stocks were within a couple of cents of yesterday's close with the exceptions of PGG Wrightson, down 5c to 255, and Michael Hill, down 3c to 76.
Among the minnows, Sealegs was up 3c to 43 on a parcel of 1000 shares.
- NZPA
