NZ stocks: Market falls, ignoring US rise

12.00pm

The sharemarket fell this morning, choosing to ignore Friday's continued resurgence on Wall Street.

The barometer NZSE-40 Capital Index was down 11.83 points, or 0.6 per cent, to 1994.66 on thin turnover worth $11 million at 11.45am.

The blue-chip Dow Jones Industrial Average on Friday was up 47.36 points, or 0.57 per cent, at 8322.40, while the tech-loaded Nasdaq Composite Index advanced 15.48 points, or 1.22 per cent, at 1287.77.

"We've taken a bold step to ignore the US markets this morning and to actually fall away a little bit," Andrew Kelleher of ASB Securities said.

Mr Kelleher said the movement in the US markets was small enough that it did not require a reflex reaction in New Zealand.

Telecom, which has had a strong run for the past month, contributed to the slight weakening this morning, falling 1c to 513 on turnover worth $2.89 million.

Port of Tauranga fell 18 cents to 812, having paid out its 22 cent dividend, while Sky City was down four cents to 741.

"Sky TV (up 9c to 349) is a little highlight this morning, but that is on very few trades," Mr Kelleher said.

Tranz Rail, which is to announce its first quarter result later today, was up one cent to 152.

Lyttelton Port, whose embattled chairman resigned on Friday, was up 2c to 144.

There were 31 falls outnumbering 21 rises on 103 stocks traded.

- NZPA