KEY POINTS:
The sharemarket weakened again this morning after plumbing three-year lows yesterday.
The benchmark NZSX-50 index was down 16.37 points at 3024.08 in early trading. There were 25 falls and nine rises.
Investors here remain wary at a time when there are doubts globally about the US plan to rescue mortgage finance companies Freddie Mac and Fannie Mae.
The US mortgage lenders' shares plunged more than 25 per cent and weakness in the whole US banking sector helped push the US market lower. The Dow Jones industrial average dropped 92.65 points, or 0.84 per cent.
In New Zealand, the focus is on the likelihood of an interest rate cut that will help the stock market and also on the upcoming profit reporting season.
Telecom was down 3c at 328 after dipping to 326 yesterday.
Contact Energy was up 2c at 716 and Pike River was up 1c at 211.
Tower was down 4c at 191. Infratil was down 2c at 191.
Fletcher Building was down 2c at 603 and Fisher & Paykel Healthcare was down 1c at 226.
- NZPA