NZ stocks: Market holds steady despite Wall St fall

12.00pm

The sharemarket held yesterday's gains in early trading this morning, despite Wall Street falling off its three-day winning streak.

The barometer NZSE-40 capital index was down 0.41 points, or 0.02 per cent, to 2017.11 on light turnover worth $25.16 million about 11am.

In the United States, the Dow Jones industrial average closed down 88.08 points, or 1.03 per cent, at 8450.16, while the Nasdaq Composite Index slid 16.92 points, or 1.29 per cent, to 1292.75.

Bryon Burke, a retail adviser with ABN Amro Craigs Equities, said Wall Street's dip had not had a dramatic effect on the New Zealand stock on quiet trading this morning.

"Quite a few of the leading stocks had some big gains yesterday and those stocks haven't gone down so it's quite positive really."

The Fisher and Paykel twins continued climbing ahead of their half year results in November. Appliances was up 10c to 1070, adding to its 35c gain yesterday, while Healthcare was unchanged at 1075, following a 45c gain.

Telecom held on to yesterday's 5c gain and remained at a four-month high of 520.

Fletcher Building slipped 1c off yesterday's three-year high to 316.

Troubled Lyttelton Port was up 5c to 150, and Independent Newspapers also rose 5c to 300.

Carter Holt Harvey was unchanged at 163 after announcing Peter Springford as its new chief executive this morning.

On the negative side, Contact Energy fell 5c to 386 and Auckland Airport was down 3c to 519.

There were 30 rises and 28 falls on 104 stocks traded so far.

- NZPA