KEY POINTS:
The sharemarket eased in early trading today as this week's driving force, Auckland Airport, fell back five cents.
The benchmark NZSX-50 index was down 2.16 points to 4307.72 at 10.10am on turnover valued at $31 million. Rises outnumbered falls 19 to 18 among the 75 stocks traded.
Auckland Airport was down 5c to 327 after hitting a record high of 335 yesterday. The Canada Pension Plan Investment Board (CPPIB) has been approaching shareholders in an attempt to buy shares prior to a possible bid. However, major shareholders among Auckland local body councils have indicated they are not willing sellers.
Contact Energy rose 7c to 907 while market leader Telecom was down 1c to 462 and No. 2 stock Fletcher Building was unchanged on 1295.
There were few moves of note. Nuplex was down 5c to 695, NZX down 4c to 1155 and Pumpkin Patch up 3c to 365.
Air New Zealand was up 1c to sit on the five-year high of 313 touched yesterday.
Among the smaller stocks Dorchester Pacific was up 5c to 180.
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US stocks edged higher as a dip in benchmark Treasury bond yields tempered interest-rate worries, but earnings from Best Buy raised concerns about the health of consumer spending.
In late trade, the Dow Jones industrial average was up 22 points at 13,635. The Standard & Poor's 500 Index was up 1.47 points at 1,532.52 and the Nasdaq Composite Index down just 0.75 of a point at 2,625.85.
- NZPA