KEY POINTS:
The stock market's recovery yesterday after a seven-session streak of losses may have been short-lived.
The sharemarket has retreated again in early trading today.
The NZSX-50 index was down 17.86 points to 4118.37 at 10.10am. Although the market gained across the board yesterday with an index gain of 1.5 per cent, brokers said the performance had been unconvincing.
Today, No.2 stock, Fletcher Building, fell 10c to 1250 after it reported a full year net profit after tax and minority interests of $484 million, up 28 per cent from $379 million the previous year.
The result, in line with forecasts, was boosted by a $70m one-off tax gain previously advised to the market. Fletcher jumped 35c yesterday.
Market leader Telecom fell 7c to 431 but No.3 stock Contact Energy maintained its strength, rising 2c to 935.
Fisher & Paykel Healthcare gave up some of its recent gains, easing 5c to 345.
Auckland Airport fell 3c to 316, while another "in-play" stock, The Warehouse, was down 4c to 616.
Carpet maker Cavalier was up 4c to 319 as was Sky TV, to 532.
NZOG was steady on 105 after losing 11c yesterday when it reported there were no significant oil shows in the primary target zone of its Hector-1 well off the Taranaki coast.
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On Wall Street, US stocks rose after the Federal Reserve said it still saw moderate economic growth ahead even though credit conditions have tightened for some consumers and businesses.
The Fed, which also left interest rates unchanged at a policy meeting, buoyed the market by reassuring investors that problems in mortgage lending and corporate finance would not drag on the broader economy.
The Dow Jones industrial average rose 35.52 points to end at 13,504.30. The Standard & Poor's 500 Index gained 9.04 points to 1476.71 and the Nasdaq Composite Index rose 14.27 points to 2561.60.
- NZPA