KEY POINTS:
The sharemarket continued this week's aimless meandering with the benchmark index edging down in early business today.
The NZSX-50 index was down 8.38 points to 4211.4 at 10.20am on turnover totalling $42 million. Falls outnumbered rises 14-18 among the 76 stocks traded.
Telecom shares were down 3c to 424 two days before the sharemarket heavyweight reports its first quarter result.
Contact Energy was down 1c to 905 after losing 6c yesterday and Fletcher Building was down 9c to 1201 after a new survey showed investors becoming more cautious about the housing market.
NZX was the only other stock in the top 50 to move more than 2c. It was up 5c to 950.
Rakon was down 3c to 537.
Yesterday's debutant, Opus, was up up 5c to 204 after listing yesterday at a 21 per cent premium to the 165 issue price.
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On Wall Street, US stocks fell after a weak outlook from Procter & Gamble, disappointing earnings from US Steel and a report showing consumer confidence at a two-year low fuelled worries about the economy, consumer spending and corporate profits.
Adding to the nervous atmosphere was some uncertainty about the outcome of Wednesday's Federal Reserve interest-rate decision, while a 3 per cent pullback in oil prices hit energy stocks.
The Dow Jones industrial average fell 77.79 points, or 0.56 per cent, to end at 13,792.47. The Standard & Poor's 500 Index fell 9.96 points, or 0.65 per cent, to 1531.02. The Nasdaq Composite Index fell 0.73 points, or 0.03 per cent, to 2816.71.
- NZPA