KEY POINTS:
Fletcher Building shares were up 17c, or 2.6 per cent, in early trade today after the company reported a 4 per cent fall in full year net profit to $467 million.
In May the company had said it expected between $450m and $460m profit provided there was no significant change in economic conditions in the rest of the year.
The overall market was largely flat early, with the benchmark NZSX-50 index up 2.95 points to 3356.58 around 10.10am, having closed down 16.6 points yesterday.
Also helping the market early was a 2c rise in Fisher & Paykel Healthcare to 295 and a 1c rise in Restaurant Brands to 75.
Steel & Tube was up 5c to 315, Rakon up 1c to 306, and Comvita up 5c to 195, all on low volumes.
Shares to ease early included Guinness Peat Group, down 2c to 156, Infratil down 2c to 220, NZ Oil & Gas down 2c to 147, Sky City down 2c to 365 and Pike River Coal down 1c to 180. Port of Tauranga was down 5c to 670 on small volumes.
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US stocks fell as bank shares tumbled on fresh worries about the economy and further losses stemming from the mortgage crisis.
News that JPMorgan Chase has racked up US$1.5 billion ($2.17 billion) of losses so far this quarter on mortgage-linked assets sent the bank's stock down more than 9 per cent. The bank had largely escaped the worst of the credit crunch and its losses highlighted concerns that turmoil in financial markets may deepen.
The Dow Jones industrial average fell 1.19 per cent to 11,642.47, while the Standard & Poor's 500 Index slid 1.21 per cent to 1289.59. The Nasdaq Composite Index dropped 0.38 per cent to 2430.61.
- NZPA
