NZ shares open down

File Photo / Paul Estcourt

The New Zealand sharemarket ended its five-day stretch of gains, opening low as concern over the European financial sector resurfaced in overseas markets.

Since closing at 3036.10 last Tuesday, the sharemarket pumped up 138 points - reaching 3124.102 yesterday.

But its winning streak ended today when the benchmark NZX-50 index opened down 10.614 points at 3163.526.

Only three companies started the day showing gains. ING Property Trust was up 1c to 72 after it had consolidated its portfolio with the sale of one retail property and the acquisition of another for the same price.

Methven was up 2c to $1.60, and ING Medical Properties was up 1c to $1.23.

In the red, Contact Energy fell 3c to $5.71, Fletcher Building fell 5c to $8.10 and Telecom fell 2c to $2.11.

Mainfreight was down 2c to $6.82, Freightways was down 1c to $2.97, Nuplex was down 1c to $3.39, Property for Industry was down 1c to $1.14, and Fisher & Paykel Healthcare was down 2c to $3.04.

New Zealand Refining was down 1c to $3.21, Infratil fell 1c to $1.70, and Pike River Coal was down 1c to $1.09.

Tower fell 2c to $1.86 and Air New Zealand fell 6c to $1.29, ex 4c share dividend.

Goodman Property Trust, whose manager Goodman NZ raised $45m through a private bond issue, was unmoved at 96.

L&M Energy was untraded after news it had raised $1.4m through a share purchase plan.

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In the US, stocks fell in very light volume on Tuesday as investors seized on renewed concerns about European banks as a reason to sell shares after strong gains last week.

The Dow Jones industrial average fell 107.24 points, or 1.03 per cent, at 10,340.69. The Standard & Poor's 500 Index lost 12.67 points, or 1.15 per cent, at 1091.84. The Nasdaq Composite Index shed 24.86 points, or 1.1 per cent at 2208.89.

- NZPA