Sharemarket edges down

The New Zealand sharemarket edged down in early trading, as most stocks with changing prices moved only 1c to 2c.

Among leading stocks Telecom slipped 1c to $2.48, Contact Energy was down 1c to $6.23, and Fletcher Building was 2c lower at $8.27.

Around 10.15am the benchmark NZX-50 index was down 1.42 points to 3191.05, having yesterday lost 22.5 points.

NZ Refining Co recorded one of the larger movements, losing 5c to $5.40, while Nuplex lost 4c to $2.35.

Dual-listed bank Westpac dropped 5c to $33.65 and ANZ added 4c to $29.20, while Fisher & Paykel Healthcare gained 3c to $3.02.

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In the United States, the S&P 500 and the Nasdaq fell as investors booked profits following the stock market's recent run-up, while a weaker-than-expected reading on a measure of consumer confidence sparked caution about the recovery of spending.

Even so, the Dow Jones industrial average eked out a slim gain as shares of Exxon Mobil and Chevron, both set to report quarterly results later this week, rose on the back of BP Plc's strong earnings.

The Dow Jones gained 0.1 per cent to 9882.17, the Standard & Poor's 500 Index fell 0.3 per cent to 1063.41, and the Nasdaq Composite Index declined 1.2 per cent to 2116.09.

- NZPA