KEY POINTS:
The New Zealand sharemarket's slide continued in early trading today.
The NZSX-50 index has dropped for the past six trading days, and around 10.10am today the benchmark NZSX-50 index was down 3.91 points to 3547.43, having dropped 22.4 points yesterday.
But there was some good news, with bathroom fittings manufacturer Methven up 13c early to 163, after announcing annual net profit up 27.7 per cent to $9.8 million.
The company said the result was achieved on the back of strong growth in Australian shower and tapware sales, combined with seven months' trading contribution from recently acquired British-based Deva.
Tower shares were down 1c to 218 after Guinness Peat Group said it was highly confident its partial offer for Tower would be successful, and the offer would not be extended beyond the current closing date of June 19.
GPG, which is already a 19.7 per cent shareholder in Tower, announced its $67.5m offer at $2.30 a share for 15.3 per cent of Tower in early May.
No 3 stock Fletcher Building was up 2c to 770 early, after hitting a more than two-year low of 766 during the day yesterday, with the company's shares thought to have been sold in significant amounts offshore.
Top stock Telecom was down 4c to 385, while No 2 stock Contact Energy was up 1c early to 910.
Also rising early was Fisher & Paykel Healthcare, up 7c to 250, and Pumpkin Patch up 2c to 166.
Among stocks to fall early were Sky City, down 2c to 370, and Trustpower, down 3c to 831.
NZ Farming Systems Uruguay was up 4c early to 200, after announcing yesterday it had increased its farmland in Uruguay, and confirmed its annual forecast.
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In the US, stocks rose, led by Apple Inc and other technology bellwethers, as investors bet that a sharp drop in oil prices will help shore up consumer and business spending.
Shares of consumer-oriented companies, including Home Depot and other retailers, gained along with technology shares, even as energy companies, including Exxon Mobil Corp, declined with the price of oil.
"Oil being down helps because people lately seem to be thinking of technology (spending) as discretionary," said Peter Jankovskis, director of research at OakBrook Investments in Lisle, Illinois.
"I really think what we're doing is building a very solid base for a strong rally to end the year."
The Dow Jones industrial average finished up 0.55 per cent at 12,548.35. The Standard & Poor's 500 Index gained 0.68 per cent to 1385.35. The Nasdaq Composite Index shot up 1.5 per cent, to 2481.24.
- NZPA
