KEY POINTS:
The sharemarket eased in opening trading in line with major offshore markets and its own lacklustre performance yesterday.
The NZSX-50 benchmark index was down 11.997 points to 3571.262 in early trading.
The market has been consolidating as stocks that made reasonable gains at the start of the month ran out of steam.
The move also came after US stocks sank on Tuesday as oil prices neared US$120 ($152) a barrel.
Top stock Telecom eased 3c to 376 but the biggest early mover was Fletcher Building, down 10c to 840.
F&P Healthcare lost 1c to 270, while Air New Zealand was up 1c to 130.
Mainfreight rose 8c to 675 and Pumpkin Patch rose 5c to 182. Infratil eased 1c to 226.
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In the US, the Dow Jones industrial average fell 104.79 points, or 0.82 per cent, to 12,720.23.
Inconsistent earnings during the quarterly reporting period have kept concerns about the US economy close to the surface. While big multinationals with significant overseas sales have fared well, companies with a more domestic focus have sputtered.
- NZPA