KEY POINTS:
The benchmark share index fell in early trading today after coming within a stone's throw of its record high yesterday.
The NZSX-50 index was down 13.81 points to 4187.83, having climbed to within a few points of its 4216.29 record obtained on February 7.
Market leader Telecom lost two thirds of yesterday's 6c gain to be sitting on 492. Australian telco PowerTel said yesterday its shareholders had approved Telecom's A$320 million ($362.3 million) takeover, to be completed early next month.
Air NZ held yesterday's 7c rise to be on a 3-1/2-year high of 272. The flagship carrier has been steadily rising thanks to cheaper fuel and the airline's improved performance.
Fisher & Paykel Healthcare, however, lost all yesterday's 7c gain to drop to 355. It has been under pressure due to the high and rising NZ dollar.
Freightways fell 5c to 418 as did AMP to 1210.
There were few rises.
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US stocks fell after oil prices rose and a General Motors executive said the crisis in US mortgage lending hurt US auto sales this month, stirring concerns of an even wider economic impact.
Earlier, the Dow industrials hit an intraday record high of 12,983.92, but failed to breach the milestone of 13,000 as sentiment turned on rising fears of the impact of the housing market problems.
The Dow Jones industrial average fell 42.58 points, or 0.33 per cent, at 12,919.40. The Standard & Poor's 500 Index fell 3.42 points at 1480.93 and the Nasdaq Composite Index fell 2.72 points to 2523.67.
- NZPA