NZ stocks: Market drops sharply

The sharemarket dropped sharply in early trading today in line with Wall Street's fall and in the wake of yesterday's official cash rate hike.

The benchmark NZSX-50 index was down 17.83 points to 3269.11 at 10.10am.

Market bully Telecom led the way down with a 7c fall to 576.

F&P Healthcare fell 8c to 340 in response to the rising currency, and former stablemate F&P Appliances was down 4c to 685. Fishing company exporter Sanford dropped 6c to 577.

US stocks fell sharply in a third straight day of declines after a bigger-than-expected drop in US durable goods orders and news that General Motors Corp. had been subpoenaed by US regulators.

The Dow fell 115.03 points, or 1.11 per cent, to end at 10,229.95.

- NZPA