KEY POINTS:
The New Zealand sharemarket opened lower this morning despite a last minute rebound last week.
The benchmark NZSX-50 index was down 8.6 points to 4084 at 10.15am.
A late rebound on Friday saw NZ shares recover the ground lost after last week's downgrade by international share index compilers MSCI.
Top stock Telecom was down 2c to 442 in early trading. Also down were SkyTV 2c to 564, Methven 3c to 215, Auckland Airport 3c to 286 and Vector 3c to 248.
The Warehouse eased 1c to 663 after it jumped up over 12 per cent since the High Court overturned a Commerce Commission ruling blocking supermarket chains Foodstuffs and Woolworths from bidding for the retailer.
Contact Energy was up 1c to 848. Also gaining were AirNZ 2c to 184, Pumpkin Patch 3c to 268 and SkyCity 3c to 494. Chemical and resins manufacturer Nuplex was up 5c to 705 early this morning.
On turnover of $43 million there were 17 rises and 22 falls among the 65 stocks traded.
The compilers of the MSCI indexes, which guide international trading and portfolio composition, downgraded New Zealand and are removing five of the top-10 stocks due to lack of liquidity and market capitalisation.
Remaining in the index are Telecom, Fletcher Building, Contact Energy, Auckland Airport and Sky City.
- NZPA