NZ stocks: Sharemarket falls, tracking US down

The New Zealand sharemarket tumbled in early trade, following the lead of global sharemarkets.

The sharp slide in global stocks followed weak factory activity data in the United States and news of record job losses in Europe, raising concerns about the world economy. Resource prices were also down.

In this country, top stock Telecom lost 4c to $2.58 shortly after the market opened today, partly reversing yesterday's 7c gain.

Other leading shares also fell early with Fletcher Building losing 6c to $6.72, on top of yesterday's 7c loss, while Contact Energy slipped 3c to $5.80 adding to yesterday's 6c fall.

Around 10.15am the benchmark NZX-50 index was down 20.69 points to 2804.47, after adding 15.3 points yesterday.

Among shares falling early, Sanford was down 10c to $5.60 and Air NZ lost 3c to $1.02, while dual-listed bank Westpac lost 35c to $24.90 and ANZ lost 25c to $21.60.

Shares losing 2c early included NZ Refining Co to $7.23, NZ Oil & Gas to $1.61, Pike River Coal to $1.21, Rakon to $1.58, Ryman Healthcare to $1.58, Sky TV to $4.28, and Tower to $1.84.

The few stocks gaining early included NZX, up 5c to $7.75, The Warehouse up 2c to $3.73 and Fisher & Paykel Healthcare up 2c to $2.97.

- NZPA