NZ stocks: Sharemarket falls in early trading

The sharemarket opened down this morning, ignoring the bounce seen in the United States markets on Friday.

Shortly after 11.30am the benchmark NZSX-50 gross index was down 4.34 points, or 0.17 per cent at 2510.24 and the NZSX-40 capital index was down 8.89 points, or 0.39 per cent at 2290.57.

Of the 109 stocks traded there were 31 rises and 27 falls.

Market leader stock Telecom was down 2c at 588, on turnover of $28.5 million.

Total turnover just after 11.30am was $43.7 million.

First NZ Capital broker Philip Hardie Boys said much of today's downward moves came from ex-dividend stocks.

This included Independent Newspapers Ltd, with a 6.4 cents per share dividend, down 9c at 471c.

NGC Holdings , 8.5 cps, was down 9c at 226c, Metlifecare, 5cps, slipped 9c to 210, Waste Management, 8.3 cps, was down 8c at 419c in early trading and Wrightson, 2.5cps was down 3c at 120c.

Mr Hardie Boys said the fallout from the terrorist bombing in Spain late last week seemed to be making minimal impact. "There might be a slightly more cautious tone to equities, but overall I think it's more a 'Monday-itis' thing and ex-dividends," he said.

New Zealand Oil and Gas was up 4c at 57 cents. The Securities Commission said today it has concluded its investigation into suspected insider trading in NZOG shares in December, and will not take the matter any further.

Other stocks on the move included: Contact Energy down 4c at 512c, Trust Power up 6c at 700c, Turners Auctions up 5c at 420c, Nuplex up 2c at 466c, Fisher & Paykel Appliances up 14c at 454c and Mooring Systems up 25c, or 8.6 per cent, to 315c.

In the US on Friday, the indices bounced back after slipping on Thursday following the terrorist attacks in Spain.

The S&P 500 rose 13.79, or 1.3 per cent, to 1120.57. The Dow Jones Industrial Average added 111.70, or 1.1 per cent, to 10,240.08.

The Nasdaq Composite Index increased 40.84 to 1984.73, its biggest gain since February 6.

The British FTSE 100 index closed at 4,467.4 points on Friday, down 79.7 points or 1.75 per cent over the week.

In Japan, the Nikkei average ended last week at 11,162.75, down 3.25 per cent from the week earlier's 21-month closing high.

- NZPA