Leading stock Telecom held the sharemarket down in early trading today.
Taking the lead from Wall Street, Telecom fell 9c to 580. However, No 2 stock Contact Energy continued its strong run this year, rising 3c to a two-month high of 688. It is seen as a defensive play during the expected economic downturn.
The benchmark NZSX-50 gross index was down 12.30 points at 3371.11 at 10.15am, while the NZSX all capital index was off 1.93 points at 1015.64.
Freight firm Mainfreight was down 4c to 365 while Vending Technologies was up 4c to 75c.
- NZPA
<EM>NZ stocks:</EM> Telecom holds sharemarket down
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