NZ stocks : Sharemarket resumes downward track

Yesterday's interruption to the sharemarket's losing streak this week proved short-lived as the market headed down again in early trading.

The NZX-50 gross index was down 5.88 on 3578.95 at 10.20am. The index fell in the first three days of the week but rose 43.44 points, or 1.2 per cent, yesterday.

There were few major moves of note.

Market leader Telecom, which yesterday bounced back 11c to 417 after hitting a 13-year low on Wednesday, fell back 2c to 415 today.

Troubled carpet maker Feltex requested a halt in trading of its shares pending announcements scheduled for 2pm.

It closed yesterday on 36c, having traded between 32 and 65c in the last year.

Fishing company Sanford lost 4c to 510, Sky TV fell 5c to 550 and Auckland Airport fell 3c to 217.

- NZPA / REUTERS