KEY POINTS:
The sharemarket was down in early trading today for the eighth successive session following a week of carnage that has seen many stocks slide to their lowest point in years.
The NZSX-50 index was down 3 points to a 28-month low of 3337 at 10.20am.
The local market
fell despite a mild rally on Wall Street where US stocks rose as a drop in oil prices fuelled investor optimism about consumer spending.
US oil prices tumbled 3.5 per cent to US$131.93 ($175.25) a barrel on the prospect of lower demand from China, which announced it would raise domestic petrol and diesel prices. That eased fears about the toll of higher fuel costs on consumers and businesses.
On the local scene, yesterday's hefty 51-point fall of the NZSX-50 index would have been more dire but for a 5c rise in lead stock Telecom, but today it dragged the market down with a 3c fall to 382.
Materials and construction company Fletcher Building, which yesterday shed 4.4 per cent and touched a four-year low of 647, was down 4c to 650.
Hellaby Holdings, another to fare reasonably yesterday, was down 6c to 154 today.
On the positive, Fisher & Paykel Healthcare was up 2c to 222 and Fisher & Paykel Appliances was up 5c to 210.
NZ Oil & Gas was up 3c to 159 after increasing its estimate of reserves in the Tui field.
Stricken finance company Dominion Finance, which yesterday slumped 38c, or 76 per cent, to a record low 12c after a trading halt was lifted, was up 1c to 13c. Its shares were suspended on Tuesday when it announced its two subsidiaries were having liquidity problems, and it was considering a moratorium on repayments to investors.
The contagion spilt to finance company Dorchester Pacific, which lost 3c to 36c.
South Port was up 20c to 225 on a small parcel, while software company Xero was up 4c to 95c.
Beverage company, Charlies, which has been sliding faster than the market, today lost another half cent to 14c.
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In the US, the Dow Jones industrial average closed up 34.03 points, or 0.28 per cent, at 12,063.09. The Standard & Poor's 500 Index ended up 5.02 points, or 0.38 per cent, at 1342.83. The Nasdaq Composite Index finished up 32.36 points, or 1.33 per cent, at 2462.07.
- NZPA
