Sharemarket heads downward

New Zealand stocks tumbled in early trading after the long holiday weekend, following the lead of global markets amid fresh concerns about economic recovery.

Around 10.20am the benchmark NZX-50 index was down 20.92 points to 3194.01, having gained 13.2 points on Friday.

Among leading shares, Fletcher Building fell 8c early to $8.34, Telecom was down 2c to $2.48, and Contact Energy lost 8c to $6.20.

Retailer Hallenstein Glasson fell 5c to $3.05, Mainfreight dropped 5c to $5.55, Sky City fell 4c to $3.35, Rakon 4c to $1.17, Auckland Airport was down 3c to $1.97, and Sky TV down 3c to $4.77.

Stocks rising early included Port of Tauranga, up 5c to $710, Sanford up 4c to $480, and Fisher & Paykel Healthcare up 2c to $296.

- NZPA