New Zealand shares fell early, after equities in the United States plunged as bank stocks took a beating over profit worries.
Among leading stocks in this country Telecom was down 2c early to $2.40 and Fletcher Building fell 16c to $5.64.
Contact Energy lost another 6c to $6.60,having plunged 9 per cent or 69c yesterday after announcing it expected underlying earnings after tax for the current financial year to be down 20 to 23 per cent.
Around 10.15am the benchmark NZX-50 index was down 15.67 points, or 0.6 per cent, to 2693.82, after yesterday losing 38.5 points, or 1.4 per cent.
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In the US, Wall Street ushered in the Barack Obama presidency with a record Inauguration Day slide amid fresh signs the global bank crisis is far from over.
An index of bank stocks lost 19.7 per cent on fears of more losses.
Preliminary figures put the fall on the Dow Jones industrial average at 4 per cent, taking it to below 8000 for the first time in two months. The S&P 500 Index slid 5.3 per cent, and the Nasdaq Composite Index tumbled 5.8 per cent.
Among other stocks in this country to fall early, The Warehouse was down 7c to $3.64, NZX lost 5c to $5.25, and Nuplex slipped 4c to $3.04.
The few stocks to gain early included Sky TV, up 6c to $3.95, and carpet maker Cavalier Corp, which lifted 2c to $1.94.
Among dual-listed stocks, ANZ was down 18c to $16.82, and Westpac dropped 10c to $18.90.
