Shares in Auckland Airport fell 5 per cent in early trading after the company warned a market consensus of its retail revenue for 2010 was too high.
Rather than the consensus of about $104 million, a more likely retail revenue forecast was in the range of $90m to $93m, the company said. Its shares were down 9c early to $1.58.
The broader market also lost ground, with the benchmark NZX-50 down about 0.5 per cent or 14.03 points to 2787.05 by 10.15am. Yesterday the index ended up 10.3 points.
Among leading stocks Fletcher Building was down 10c early to $6.51, Contact Energy slipped 5c to $5.90, and Telecom edged down 1c to $2.61. All three had modest gains yesterday.
Other shares to fall early included NZX down 4c to $8.20, The Warehouse down 3c to $3.65, and Sky City down 3c to $2.85. Dual-listed Lion Nathan was down 10c to $14.92.
Sky TV was up 9c early, but on low volumes.
In the United States, stocks were led down by financials in a late-stage sell-off, after the Federal Reserve gave a more pessimistic view on the economy, tempering hopes for a quick recovery.
- NZPA
<i>NZ stocks:</i> Sharemarket down early
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