KEY POINTS:
The New Zealand sharemarket opened down early with top stock Telecom easing 3c to 447, adding to its 3c fall yesterday.
The NZSX-50 benchmark index was down 7.7 points around 10.05am to 3847.32.
Canwest Mediaworks, which shot up 4 per cent or 8c to a new high of 205 yesterday on large turnover after Australian media company Fairfax announced a merger with Australia's Rural Press Ltd, was unchanged early today at yesterday's close of 203.
Sky TV was up 1c to 605, adding to the 13c gain yesterday by the stock which is considered by many to be undervalued.
Fletcher Building, after hitting a record of 1027 in mid-session on Tuesday, was down 2c early today from yesterday's close to 1024.
Air NZ was unchanged after yesterday's 4c rise to 172, a fresh two-year high, as it continued to benefit from a possible takeover of rival Qantas.
Among other early falls today Fisher & Paykel Appliances was down 2c to 396, with F&P Healthcare also 2c lower at 425, Guinness Peat Group was down 1c to 239, Pumpkin Patch was down 5c to 425, Sanford down 9c to 500, and Trustpower down 11c on low turnover to 741.
Risers included Auckland Airport up 1c to 213, Ryman up 5c to 975, Sky City up 2c to 517, and Tower up 1c to 205.
The early slip in this country followed similar moves in the US where a report that suggested stronger-than-expected November job growth reduced the chances of an interest-rate cut.
There were also concerns in the US about the outlook for software companies after a negative report on Oracle Corp.
- NZPA / REUTERS
