KEY POINTS:
The sharemarket pulled back today in line with Wall Street after a strong local session yesterday that snapped a four-day losing streak.
The NZSX-50 index was down 16.4 points to 4124.2 at 10.20am.
Turnover was steady on $35 million. Rises outpaced falls 15 to 10 on 65 stocks traded.
The star of the last couple of days, Fletcher Building, fell back 13c to 1155. It rose 50c in the previous two sessions after it said it was comfortable with analyst expectations of annual net profit before unusuals of between $450m and $460m.
Telecom was down 5c to 425.
Goodman Property fell 8c to 145 following the pricing of its capital raising at 143, the lower end of its range.
Cavalier Corp was unchanged after the Commerce Commission cleared it and Norman Ellison Holdings to form a joint venture company that will acquire the carpet businesses of Norman Ellison and its subsidiaries.
Sky City was down 5c to 540 and Hallenstein Glasson up 6c to 446.
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On Wall Street, US stocks fell on Wednesday, their fifth down day in six, on investor doubts that the previous day's big rally is sustainable in the face of a slowing economy and lingering concerns about the subprime mortgage crisis.
The Dow Jones industrial average fell 92.99 points, or 0.70 per cent, to end unofficially at 13,214.10. The Standard & Poor's 500 Index dropped 11.54 points, or 0.78 per cent, to finish at 1469.51 and the Nasdaq Composite Index fell 29.33 points, or 1.10 per cent, close unofficially at 2644.32.
- NZPA