NZ sharemarket falls early

The New Zealand sharemarket fell early after a flat trading day for stocks in the United States where the Federal Reserve suggested additional measures may be needed to combat a weakening economy.

Around 10.15am the benchmark NZX-50 index was down 8.22 points to 3019.22, having lifted 18.5 points yesterday - its eighth rise in nine trading days, with the climb broken only by a dip on Tuesday.

Fletcher Building was down 6c early to $7.68 after rising 4c yesterday, Trustpower lost 2c to $7.21, Contact Energy fell 2c to $5.78, and Telecom dropped 2c to $1.95.

NZ Oil & Gas was up 2c early to $1.37, adding to its 8c gain yesterday which followed a report from the company that reserves at the Kupe Field had been upgraded. The Warehouse gained 2c to $3.50 and Fisher & Paykel Healthcare lifted 2c to $3.07.

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In the United States, optimism over the start of earnings season limited declines after Intel reported better-than-expected results on signs of renewed corporate spending.

But minutes of the Fed's June meeting showed officials are more concerned with the pace of economic recovery. That added to jitters stoked by a weak report on June retail sales.

The Dow Jones industrial average edged up 0.04 per cent to end at 10,366.72, the Standard & Poor's 500 Index dipped 0.02 per cent to 1095.17, and the Nasdaq Composite Index added 0.4 per cent to close at 2249.84.

- NZPA