KEY POINTS:
After its strong showing yesterday, the New Zealand sharemarket was wobbling early today after a sharp fall in US stocks.
Around 15 minutes after the market's 10am opening the benchmark NZSX-50 index was down 24.65 points to 4180.93, having risen 70 points yesterday.
After a 14c rise yesterday, top stock Telecom was down 4c to 430. Yesterday's strong showing came after a ruling that rivals must pay a higher than previously indicated amount for local loop unbundling.
Another stock wavering early today after a strong showing yesterday was Auckland Airport.
It rose 30c yesterday after an announcement by the Canada Pension Plan Investment Board that it would be making a fresh bid for a stake in the airport.
Early today Auckland Airport shares had retreated 3c to be at 318.
The only top 50 stock in positive territory early was Fisher & Paykel Appliances, up 3c to 340 after announcing a 16.6 per cent rise in first-half net profit.
Among other stocks Contact Energy was down 10c to 910, Fletcher Building was down 12c to 1160, Sky City lost 3c to 544, Sky TV was down 4c to 570, and Trustpower was down 5c to 900.
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The sharp fall in US stocks came in a broad market rout as skittishness over renewed credit market turmoil heightened worries about the economy and corporate earnings.
Washington Mutual Inc, the largest US savings and loan, plunged 17 per cent to seven-year lows after it said loan losses would mount as the housing slump persisted.
The Dow Jones industrial average was down 2.64 per cent, to end unofficially at 13,300.02. The Standard & Poor's 500 Index was down 2.94 per cent, at 1475.65. The Nasdaq Composite Index was down 2.70 per cent, at 2748.76.
- NZPA