Sharemarket slips early

The New Zealand sharemarket started the day lower but reduced the decline in early trading, despite broad falls in United States equities.

Around 10.15am the benchmark NZX-50 index was down 2.36 points to 3134.95, having earlier been as low as 3128.58. Yesterday the index slipped 1.3 points, and also lost ground on the two preceding trading days.

Among shares falling early today, Contact Energy was down 5c to $5.85, Port of Tauranga dropped 5c to $6.88, NZ Oil & Gas was down 4c to $1.75, ING Medical Properties fell 3c to $1.18.

Telecom fell 1c to $2.36, but another market leader, Fletcher Building, gained 3c to $7.72.

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In the United States, stocks fell as 3M Co's disappointing outlook and a weak sales report from McDonald's Corp compounded investors' concerns about the outlook for a global recovery.

Preliminary figures put the Dow Jones industrial average down 1 per cent at 10,285.97 at the close, with the Standard & Poor's 500 Index down 1 per cent at 1091.94, and the Nasdaq Composite Index down 0.8 per cent at 2172.99.

- NZPA