KEY POINTS:
Shares were mixed in early sharemarket trading today despite Wall Street falling sharply again on further fallout from the subprime mortgage market crisis.
The NZSX-50 index, which fell 0.7 per cent yesterday, was up 4.49 points to 4117.5 at 10.20am, on turnover valued at $32 million.
There were 17 rises and 18 falls of the 63 stocks traded.
Market leader Telecom regained 2c to 423 after losing 9c yesterday. Second-ranked Fletcher Building was steady on 1158, having lost 10c yesterday, while Contact Energy was also unchanged, on 890.
Fisher & Paykel Appliances fell 2c to 358, having jumped 15c yesterday on news it was considering selling its finance business.
Brokers said the move was positive as it allowed the company to focus on whiteware and innovation.
Auckland Airport was up 2c to 306 after Canada Pension Plan Investment Board (CPP) submitted its formal bid for 39.53 per cent $3.6555 per share cash.
Vector fell 2c to 228 to add to yesterday's 6c loss as profit-takers.
Air NZ, which has had a rough ride recently due to rising fuel prices, rose 4c to 205.
NZX, expected to benefit from the planned listing of Fonterra in 2010, rose 14c to 970.
Casino company Sky City lost another 4c to go with yesterday's 13c loss to be on 528.
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In New York, US stocks slid further sending the S&P 500 down more than 1 per cent, as worries that there could be yet more credit losses at the big banks and fallout from the housing slump rattled investors.
Shares of financial services companies, including Citigroup, led the sell-off, along with technology shares. Lower crude oil prices dragged on shares of energy companies.
The Dow Jones industrial average fell 110.15 points, or 0.83 per cent, to 13,120.86. The Standard & Poor's 500 Index lost 19.29 points, or 1.31 per cent, to 1451.29 and the Nasdaq Composite Index fell 32.26 points, or 1.22 per cent, to 2612.06.
- NZPA