KEY POINTS:
The sharemarket started the last trading week before the holiday break on a weak note.
The NZSX-50 benchmark index, which last week fell below 4000 for the first time since late August, was down 8.301 points at 4000.357.
Corporate news started flowing early with Auckland Airport's board recommending to shareholders that they reject a partial offer from Canada Pension Plan Investment Board. Auckland Airport shares were unchanged at 280.
Mining and oil exploration investor Widespread Portfolios also advised its shareholders not to sell as it had become aware of "certain developments". Its shares were up 0.2c to 1.6c.
Otherwise Telecom was down 3c at 435 and Fletcher Building was unchanged at 1130. Mainfreight was down 1 at 679.
US stocks fell on Friday on concerns that surging inflation may prevent the Federal Reserve from lowering interest rates enough to pull the economy out of the grip of a housing and credit crisis.
The three major indexes tumbled more than 1 per cent each, and posted their worst week since November 11, after a report showing a jump in the consumer price index in November.
- NZPA