The New Zealand sharemarket slipped in early trading as uncertainty continued about when a proposed US$700 billion ($1.04 trillion) financial sector bailout would be approved in the United States.
Telecom's gain yesterday was reversed with the stock easing 4c early today to 280. In contrast Contact Energy added
15c to 865 after slipping 10c yesterday.
Rakon was down 15c early to 230 with more than 3 million shares traded.
Around 10.25am the benchmark NZX-50 index was down 12.04 points to 3247.64, after rising 31.5 points yesterday when sentiment got a boost from news that investment guru Warren Buffett is investing US$5b in Goldman Sachs.
But in the US, Buffett's investment was offset by fear that congressional wrangling could delay or weaken the Bush administration's plan to mop up bad mortgage debt from banks' balance sheets.
That kept stocks in check throughout the day, with the Dow Jones industrial average ending down 0.27 per cent, at 10,825.17, and the Standard & Poor's 500 Index down 0.20 per cent at 1185.87.
The Nasdaq Composite Index clung to slender gains on hopes that technology spending would increase once a version of the bailout plan becomes law, lifting 0.11 per cent at 2155.68.
Share price moves in this country early included Fisher & Paykel Appliances up 2c to 170 and Pike River Coal, also up 2c, to 155.
Steel & Tube was down 4c to 300, Tower was down 2c to 181, and Guinness Peat Group was down 2c to 125.
- NZPA
