12.00pm
The New Zealand sharemarket lost ground in trading this morning, following the downward movements of offshore bourses overnight.
At 11.30am, the benchmark NZSX-50 index was down 4.67 points at 2268.12, while the NZSX-40 capital index was down 3.52 points at 2171.90.
There had been $28.6 million worth of shares traded on volume
of 9.2 million. Among the 112 stocks traded were 24 falls and 33 rises.
US stocks settled lower yesterday after economic data dampened investors' appetite for buying.
The Dow Jones industrial average fell 81.55 points to 9343.96, while the broader Standard & Poor's 500 Index slipped 6.12 points to 1003.26.
Britain's FTSE 100 index closed 34.2 points or 0.8 per cent lower at 4202.2 and Japan's Nikkei average closed at a four-week low.
ABN Amro Craigs Equities retail advisor Bryon Burke said trading this morning was "sideways, low volume and quiet... At this stage it looks like it will be a quiet Friday."
Mr Burke said while larger cap stocks such has Telecom, Carter Holt Harvey and Contact Energy had followed the tone of overseas markets, mid cap stocks remained locally focused.
Market leader Telecom was down 1c to 517, having traded $15.7 million worth on volume of three million.
Carter Holt Harvey was 2c lower at 172 and Contact Energy was 6c down at 489.
Mr Burke said the a number of second-line stocks were also finding a bit of support.
Steel & Tube, which was sold down yesterday, was up 8c at 350, Cavalier Corp was up 5c at 500 and Auckland International Airport, was up 3c at 670.
In early news to the exchange, clothing retailer Hallenstein Glasson announced a flat $11.46 million profit for the August year, its shares jumping 5c to 295 by late morning.
"It's a pretty much a yield driven stock and I think steady profits are more in line what the market is looking for they're not really looking for growth", Mr Burke said.
Stocks on the slide today included: Mainfreight down 1c at 132, NZX down 10c at 437, Restaurant Brands down 1c at 124, Sky City down 7c at 851, Sky City Leisure down 2c at 113, and The Warehouse down 2c at 541.
Those on the rise included: Fisher & Paykel Appliances up 9c at 1480, Pacific Retail up 8c at 255, Port of Tauranga up 3c at 415, Provenco up 4c at 34, and TrustPower up 6c at 506.
- NZPA
