Sharemarket flat in early trading

Sky City shares slipped in early trading after reaching their highest levels in a month yesterday.

Shortly after the New Zealand sharemarket opened today, shares in the casino operator were down 3c to 340, having yesterday closed up 13c, or nearly 4 per cent.

In contrast, carpet maker Cavalier Corp added 5c early to 270, after yesterday falling 13c from a level close to the three-month highs reached in December.

Around 10.15am the benchmark NZSX-50 index was down 1.27 points to 3266.92, having yesterday gained 38 points in quiet trading.

Apart from Cavalier, early risers today included NZ Refining Co up 3c to 369, Fisher & Paykel Healthcare up 3c to 334, and Infratil up 2c to 161.

Among leading stocks Telecom was unchanged early on 257, after a 7c gain yesterday to its highest level in nearly seven weeks. Fletcher Building was unchanged on 802, and Contact Energy was up 1c to 625 after yesterday closing up 9c having climbed as high as 626 during the day, its highest level in two months.

Stocks falling early included Nuplex, down 2c to 291, and Auckland Airport down 1c to 205.

In the United States, the benchmark S&P 500 closed at a fresh 15-month closing high as data showing that factory orders rose for a third straight month in November offset a report that pointed to more weakness in the housing market.

Based on preliminary data, the Dow Jones industrial average closed down 0.1 per cent to finish unofficially at 10,572.02, the Standard & Poor's 500 Index rose 0.3 per cent to 1136.52, and the Nasdaq Composite Index inched up just 0.01 per cent to 2308.71.

- NZPA