NZ stocks: Shares slip in early trading

The sharemarket today reversed gains made yesterday afternoon, heading south in morning trade.

By 11.35am today the benchmark NZSX-50 gross index had slipped 2.63 points to 3065.74, while the NZSX-All capital index was down 2.65 points to 970.55.

Telecom again set the tone, losing 3c to 605, on turnover worth $16.02 million.

Total market turnover in the time was worth $34.6 million.

Of the 106 stocks traded by 11.35am today there were 18 rises against 28 falls.

Retail stocks traded this morning all headed south, with The Warehouse losing 3c to 324, Postie Plus falling 1c to 67c and Smith City down 1c at 70c.

Pacific Retail Group (PRG) was unchanged at 195, after it today said it has short-listed a group of bidders for a stake in its consumer finance group.

PRG had also been looking at floating the business in an initial, public offering, but today said it had been advised by investment bank Macquarie New Zealand not to proceed with those plans.

- NZPA