KEY POINTS:
The sharemarket fell to a 10 week low today after it opened half a per cent lower in response to the battering Wall Street took on Friday.
The benchmark NZSX-50 index, which dropped 1.2 per cent on Friday, was down 24.1 points to 4110.7 at 10.20am.
Turnover was steady on $28m with only four stocks up and 28 down.
Concerns about ongoing problems in credit markets affecting financial and other stocks sent the Dow Jones industial average down 223.55 points, or 1.69 per cent, at 13,042.74. The Nasdaq Composite Index fell 68.06 points, or 2.52 per cent, to 2627.94.
For the week, the Nasdaq lost 6.5 per cent -- or 182 points and the Dow dropped 4.1 per cent and the S&P 500 declined 3.7 per cent.
Here, Telecom fell 6c to 421 to add to Friday's 11c loss. It is getting more competition with Vodafone announcing plans today to get into local calling and TelestraClear said it was getting back into the mobile market.
Fletcher Building, down 29c on Friday, lost another couple of cents today to 1132. The stock has shed about $1.50 in less than a month.
Auckland Airport was down 4c to 305 while Air NZ, whose rival Pacific Blue opened up its domestic service today, was down 2c to 203.
AMP was down 13 to 1185 and Tower down 4c to 208.
There was a big sale of 200,000 Cavotech shares at 522.
Restaurant Brands was down 3c to 90c.
Goodman Property said today it planned to raise $275 million through a one-for-eight issue and a placement. Trading in its units was suspended.
The company also reported its September year net profit rose 43 per cent to $28.7m. The price of the new units will be determined by bookbuild (tender), with an indicative range of $1.43 to $1.49 per unit.
- NZPA