KEY POINTS:
The New Zealand share market was down but not out for the count today in the wake of a rout on Wall Street last week.
The New Zealand market, the first to open in the world, showed composure but remains vulnerable to what happens when the US market begins its new week.
The benchmark NZSX-50 index was down 17.179 points, or 0.405 per cent, at 4228.828. That follows a 2.1 per cent fall on Friday on the back of a rattled US market.
"It is not a broad sell off. There are some stocks that have done well," Grant Williamson, partner of Hamilton Hindin Greene said of today's session.
US stocks plunged for a second day on Friday, in the worst week for the S&P 500 in nearly five years. Dealers cited worries about the subprime lending market and worries that merger and acquisition activity, a market driver, will dry up.
For the week, the Dow fell 4.2 per cent, the S&P dropped 4.9 per cent and the Nasdaq declined 4.7 per cent.
"There is no panic selling on the local market," Mr Williamson said. "Overall, the market has performed quite creditably today," he said.
A five cent plunge in the New Zealand dollar in a matter of days was seen as good news for exporters and the quality export stocks on the market enjoyed renewed support today.
"What we are seeing is some foreign investors selling out, repatriating their funds out of New Zealand because of the declining New Zealand dollar," Mr Williamson said.
Fisher & Paykel Appliances was up 2c at 357 and the healthcare stock was up 18c at 344.
The focus is also turning to the reporting season. Abano Healthcare rose 9c to 365 after reporting a record annual profit.
Telecom was down 5c at 465 ahead of its final result on Friday. Telecom is expected to report an adjusted net profit after tax of $184 million for the fourth quarter ended June 30, compared with a figure adjusted for writeoffs of $203 million a year ago, according to six analysts polled by Reuters.
Fletcher Building was down 16c to 1240, following a 42c fall on Friday, while Contact Energy was down 4c to 943, after an 18c fall on Friday.
Auckland International Airport was up 1c at 333, but is well below the 380 value of the cash and scrip offer from Dubai Aerospace Enterprise.
Air NZ was up 9c at 261 after reporting strong load factors in June.
Freightways was down 4c to 400, Infratil down 5c to 310 and Pumpkin Patch unchanged at 345.
Tower was down 13c at 230.
Mainfreight was up 1c at 754 ahead of its annual meeting this week.
Port of Tauranga was down 2c at 690 and Tenon was down 2c at 231.
Guinness Peat Group rose 1c to 191 and The Warehouse rose 2c to 609.
Falls outnumbered rises by 72 to 43 among the 148 traded.
- NZPA