KEY POINTS:
The sharemarket eased today after Wall Street dipped on indications that US interest rates would not be cut this year.
The market had a resilient day yesterday, shrugging off early weakness, a near 6 per cent plunge on China's main stock index and the climb of the kiwi dollar to a post float high of US75c.
Today at 10.10am, the NZSX-50 index was down 6.47 points to 4305.64.
Turnover was worth $33 million, with 12 falls and 24 rises of the 80 stocks traded.
Although most economists believe the Reserve Bank won't hike interest rates tomorrow at its six weekly review, fears in financial market are rising that it will. A hike would be a dampener for the sharemarket.
Contact Energy, which yesterday rose 20c despite falling wholesale prices, was down 4c to 901.
Market leader Telecom was down 1c to 479 and Fletcher Building was unchanged on 1296.
Nuplex fell another 5c to 710 to add to the 15c it lost yesterday after it said it was closing a Brazilian factory that would cut $3m of annual losses, but it would cost $3.5m.
Rubber goods manufacturer Skellerup fell another 6c to 105 to add to yesterday's 12c slump after it forecast a $7m loss and said it was battling the currency and a slowdown in trading.
Port of Tauranga fell 4c to 685 despite saying it expects a further 26 ship calls a year following a change in service by an international shipping consortium.
Life Pharmacy was up 3c to 74c.
NZ Windfarms was down 26 to 125 following the issue of 68.3m new shares at $1.10 each to raise $75m in a successful capital raising.
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On Wall Street, US stocks fell after Federal Reserve chairman Ben Bernanke warned inflation is still a major concern, all but dashing remaining hopes for an interest-rate cut this year.
Bernanke said the economy is set to grow at a moderate pace, close to or slightly below its current pace, in coming months, but he warned that the risks of elevated levels of inflation, excluding food and energy, may not recede.
The Dow Jones industrial average slid 80.86 points, or 0.59 per cent, to end at 13,595.46. The Standard & Poor's 500 Index fell 8.23 points to finish at 1,530.95 and the Nasdaq Composite Index declined 7.06 points to 2,611.23.
- NZPA