Sharemarket flat early

The New Zealand sharemarket was flat early after stocks in the United States hit fresh one-year highs but with the New Zealand dollar pushing ominously higher.

The kiwi climbed through the night and then pushed higher after the currency market opened locally to peak at a 15-month high of US75.75c around 9.30am. It also touched its highest levels in at least a year against the euro and yen.

ANZ bank said locals would be asking how much higher the NZ dollar could climb, and the answer could be of major concern to the export sector.

Around 10.15am the benchmark NZX-50 index was down 0.5 points to 3220.43, having gained 13.7 points yesterday.

Fletcher Building was down 5c early to $8.30, after rising 18c yesterday, while Hellaby Holdings was down 2c.

Shares rising early included Steel & Tube up 6c to $3.05 on low volume, Port of Tauranga up 5c to $7.25, Mainfreight up 3c to $5.65, Telecom up 2c to $2.55, NZ Refining Co up 2c to $5.10, and Cavalier Corp up 2c to $2.50.

Infratil gained 1c early to $1.67.

- NZPA