NZ stocks: Shares flat in early trading

The sharemarket was flat in early trading today, with Telecom slipping slightly.

Shortly after the 10am open today the benchmark NZSX-50 gross index was down 1.82 points at 3352.46, while the NZSX-All capital index had gained 0.61 of a point to 999.16.

Top stock Telecom set the lacklustre tone, falling 1c to 561.

Fletcher Building had a brighter start to the day, rising 7c to 748.

Fisher & Paykel Appliances was also unchanged at 351. Yesterday the whiteware manufacturer downgraded its annual profit forecast to $60-63 million, 4.6 per cent lower than its previous guidance of between $63-66 million.

Carter Holt Harvey dropped 1c to 272. The Takeovers Panel yesterday said Rank's new bid of $2.75/share for Carter Holt Harvey may not comply with a requirement that an offer be open for 30 days.

Stocks put in a mixed performance in the US, with the Dow Jones industrial average up 24.97 points to end at 10,883.59, the Standard & Poor's 500 Index down 1.83 points at 1263.82 and the Nasdaq Composite Index down 11.11 points at 2255.87.

- NZPA