12.00pm
The sharemarket dipped in early trade today on negative sentiment from overseas markets and profit-taking on stocks which have enjoyed good runs recently.
At 11.30am, the benchmark NZSX50 gross index was down 22.6 points or 1.04 per cent to 2162.27, while the NZSX40 capital index was down 19.30 points or 0.91
per cent to 2103.40.
Turnover was scant, with 9.6 million shares worth $27.28 million changing hands.
ASB Securities stockbroker Ian Witters told NZPA: "The market's probably negative following on from the falls on Wall St overnight."
In New York, stocks fell yesterday, pushing the S&P 500 to two-week lows after dim earnings views from a number of companies and uncertainty over whether the Federal Reserve Bank will on Tuesday opt for a hefty half percentage point cut or a tamer quarter-point cut.
In London, Britain's top shares ended at a three-week low yesterday as gloomy corporate outlooks from Unilever and Heineken rattled investor confidence and raised the spectre of further market falls.
Back in New Zealand, Mr Witters said the market's poor tone this morning indicated recent signs of a modest recovery might not be as simple as they seemed.
"I think there's probably in New Zealand a bit of profit-taking from the run we've had up and a wee bit of caution coming through.
"Some of the big movers have come back," he said.
The Warehouse, which yesterday hit 544, had fallen 14c from its open of 526 to 512 by 11.30am, while market heavyweight Telecom fell 8c to 515, "still well up on where it was a wee while ago".
Elsewhere, Mr Witters said infrastructure companies such as Ports of Auckland were showing continuing strength.
Ports of Auckland was unchanged this morning at 585.
Shares in NZX were trading 1c lower at 399 at 11.30am.
The exchange said yesterday that shares issued in its "initial public offering" (IPO) would be priced at $3.60 each.
Stock to move in early trading today included: AMP down 7c to 578, Auckland International Airport down 7c to 590, BayCorp Advantage down a cent to 166, Carter Holt Harvey down 2c to 169, Cavalier down 5c to 475, Fisher & Paykel Appliances down 15c to 1290, Fisher & Paykel Healthcare down 13c to 1142, Fletcher Building down 7c to 369, Genesis down a cent to 127, Guinness Peat Group down a cent to 155, Hellaby Holdings down a cent to 434, Independent Newspapers Ltd down 6c to 416, Infratil down a cent to 198, NGC Holdings down 2c to 163, Owens Group down a cent to 97, Promina up a cent to 269, Sky City down 11c to 928, Steel & Tube down 3c to 370, Telstra down 6c to 505, Tranz Rail up a cent at 91, and Tower down 2c to 146.
There were 19 rises and 46 falls among 115 stocks traded.
- NZPA
12.00pm
The sharemarket dipped in early trade today on negative sentiment from overseas markets and profit-taking on stocks which have enjoyed good runs recently.
At 11.30am, the benchmark NZSX50 gross index was down 22.6 points or 1.04 per cent to 2162.27, while the NZSX40 capital index was down 19.30 points or 0.91
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