12.30pm
The sharemarket softened further throughout the morning after easing on opening today as the recent trend of profit-taking by overseas investors continued.
By midday the NZSX50 was down 0.34 per cent or 7.23 points to 2097.76 while the NZX40 capital index was down 0.25 per cent or 5.18 points to 2042.95.
Turnover by 11.30am was $35.48 million.
Overseas markets were down across the board yesterday with the United States' tech-laden Nasdaq having its biggest percentage loss in two months as disheartening news from bellwethers IBM and Nokia raised doubts about a profits rebound.
The Nasdaq Composite lost 49.95 points, or 2.86 per cent, at 1,698.02. The blue-chip Dow Jones industrial average dropped 43.77 points, or 0.48 per cent, at 9,050.82. The broad Standard & Poor's 500 fell 12.27 points, or 1.23 per cent, at 981.73.
"What you saw on the Dow last night was a tech-led sell off, whereas the old economy stocks actually didn't do too badly," broker Ken Allen of Direct Broking told NZPA this morning.
Mr Allen said the New Zealand market was seeing a continuation of selling.
" Basically, across the board profit-taking from overseas players -- it's been the theme that's been around for a couple of weeks now."
The market was led down in early trade by Telecom which lost a cent almost immediately to take it to 499 where it remained for the rest of the morning.
Wood processor Carter Holt Harvey was also down a cent to 161.
Cash strapped insurer Tower was another to lose a cent in early trade, falling to 123.
Yesterday the company said in the prospectus for its impending $211 million rights issue turning around its poorly performing Australian arm was essential for restoring the group to good health.
One of the few top 50 stocks to show a rise in morning trade was energy company PowerCo which was up 2c to 169 by midday.
PowerCo is to hold its annual general meeting today in Wellington.
Fishing company Sanfords fell in early trade at noon it was 11c down at 476.
Mr Allen said it appeared one broker was selling off a lot of stock in the company.
Fisher & Paykel Appliances continued along its recent downward path, losing 10c to 1270 by midday. Its fall was attributable to the NZ dollar's current strength, especially against the aussie, Mr Allen said.
Other movers by noon today included: Auckland International Airport down 4c to 566, Cavalier down 5c to 448, Contact Energy down 2c to 458 , Fisher & Paykel Healthcare down 5c to 1135, Hellaby Holdings down 6c to 432, Promina up a cent to 271, Restaurant Brands down 3c to 127, Sky City down a cent to 867, TelstraClear up 3c to 530 and The Warehouse down 2c to 470.
There were 14 rises and 48 falls on 98 stocks traded by 11.30am.
- NZPA
12.30pm
The sharemarket softened further throughout the morning after easing on opening today as the recent trend of profit-taking by overseas investors continued.
By midday the NZSX50 was down 0.34 per cent or 7.23 points to 2097.76 while the NZX40 capital index was down 0.25 per cent or 5.18 points to 2042.95.
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