NZ stocks: Shares dip sharply on Aussie plunge

The New Zealand sharemarket shed close to one per cent in early trading today, in a sympathy move after Australian shares logged their biggest percentage fall in seven years.

The benchmark NZSX-50 index was 26.79 points, or 0.77 per cent, lower at 3419.63 by just after 10am -- adding to a similar fall yesterday.

Australia's benchmark ASX 200 index, hurt by heavy losses for globally-exposed stocks like miner BHP Billiton, fell 100.1 points, or over two per cent, to 4543.5 yesterday -- the biggest percentage fall since September 25, 1998.

Locally, the top fifty board was firmly in the red this morning, with Telecom down 4c at 590, Contact off 7c to 759, Fletcher Building down 12c to 790, Auckland Airport down 3c to 219, Carter Holt Harvey off a cent to 251, The Warehouse down 6c at 400, Sky TV losing 5c to 620, and Sky City down 2c at 485.

Falls outpaced rises by 45 to six among the 87 stocks traded so far.

The dip was on moderate volume, with seven million shares worth $34 million changing hands.

- NZPA