F&P Appliance shares fall 9pc

File photo / Paul Estcourt

Shares in Fisher & Paykel Appliances slid nearly 9 per cent in early trading after the company lowered its full year earnings forecast due to disappointing November sales.

The company's shares were down 5c to 52c, equal to their lowest value during the past three months.

Despite that decline, overall the benchmark NZX-50 index was in positive territory early, lifting 6.93 points to 3300.71 by 10.15am, after losing 4.1 points yesterday.

Fletcher Building shares gained 3c early to $7.75, following some big swings during the past two days in reaction to the company's hostile takeover bid for Australian company Crane Group.

Some investors consider Fletcher Building is offering too much, while others consider its bid is too low.

NZ Refining Co continued its ascent of the past few days, rising 9c early to $4.19, its highest level in nearly nine months.

Sky TV was up 3c to $5.17, OceanaGold lifted 7c to $4.60, Steel & Tube added 2c to $2.15, The Warehouse added 2c to $3.54, while Telecom edged up 1c to $2.18. Cavalier Corp lost 4c to $2.99 and Trustpower was down 3c to $7.30.

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In the United States, stocks ended higher as economic bellwether FedEx offered a bullish profit outlook in a hopeful sign for growth

Based on preliminary data, the Dow Jones industrial average gained 0.4 per cent to end unofficially at 11,499.48, the Standard & Poor's 500 Index rose 0.6 per cent to 1242.89, and the Nasdaq Composite Index advanced 0.8 per cent to 2637.31.

- NZPA