The NZX-50 fell almost five points in early trading today, following dips in American equities markets late on Friday, moves by Bank of China to cut lending and unfavourable US and European economic data.
The benchmark New Zealand index dropped 4.877 points, or 0.158 per cent, to 3075.596 shortly after
market open today.
In leading shares, Telecom fell 1c to $2.29, Fletcher Building gained 3c to $7.57 and Contact gained 1c to $5.69
Other risers included Hellaby up 5c to $1.50, Tourism Holdings 2c to 90, Pike River Coal 1c to 93 and Air New Zealand gained 1c to $1.33. Port Tauranga gained 10c to $7.15 and Sky City 1c to $3.14.
Fallers were The Warehouse 1c to $3.79, Fisher & Paykel Healthcare 1c to $3.26, Trustpower 3c to $7.31, Auckland Airport 1c to $1.85, Infratil 2c to $1.60, NZX Limited 4c to $2.14 and NZ Oil and Gas 3c to $1.50.
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In the US, the Dow and S&P 500 dipped on Friday as China's move to curb bank lending and US and European economic data raised fears the global recovery might be in jeopardy. Even so, Wall Street stocks ended off the day's lows as investors bet the European Union would come up with a clearly defined plan to aid debt-laden Greece and restore confidence in countries using the euro.
"You have the lingering issue of the sovereign debt issue, you have questions regarding growth in Europe, questions concerning one of the main engines of growth, which is China," said Quincy Krosby, market strategist with Prudential Financial in Newark, New Jersey. "It all adds to uncertainty in the market."
The Dow Jones industrial average dropped 45.05 points, or 0.44 per cent, to 10,099.14. The Standard & Poor's 500 Index slipped 2.96 points, or 0.27 per cent, to 1075.51. But the Nasdaq Composite Index rose 6.12 points, or 0.28 per cent, to 2183.53.
- NZPA
