KEY POINTS:
The sharemarket was flat in listless early trading today.
The benchmark NZSX-50 index was down 2.30 points to 4145.06 at 10.15am. The market lost nearly 1 per cent yesterday with investors spooked by the consequences of a high dollar and the prospect of even higher interest rates.
Telecom continued its downward path. It was down 1c to 468 after losing 6c yesterday.
No 2 stock Contact Energy recovered 1c to 909 after losing 19c yesterday on low volume.
The Warehouse, benefiting from interest in retailer Coles across the Tasman, eased off 1c to 705 after lifting 6c yesterday.
Only two local top 50 stocks moved more than 2c -- Michael Hill up 5c to 955 and NZX up 5c to 995.
Australian brewer Lion Nathan was up 14c to 1072 and Westpac up 10c to 1090.
Restaurant Brands was unchanged on 93c after reporting a 47 per cent drop in full-year net profit to $6.5m.
Among the minnows, South Port was down 15c to 200 and Turners Auctions down 8c to 145.
On the plus side, Methven was up 12c to 228, Dominion Finance up 9c to 200 and Team Talk up 4c to 269.
On Wall Street, US stocks tumbled as minutes from last month's Federal Reserve meeting hinted at the need for more rate hikes, adding to worries about surging petrol prices and the weak housing market.
The Dow Jones industrial average fell 89.23 points, or 0.71 per cent, to end at 12,484.62. The Standard & Poor's 500 Index dropped 9.52 points, or 0.66 per cent, to finish at 1438.87. The Nasdaq Composite Index declined 18.30 points, or 0.74 per cent, to close at 2459.31.
- NZPA