Sharemarket takes it easy

It was definitely the middle of a short holiday week as the New Zealand sharemarket opened in a quiet frame of mind today, slipping slightly on small volumes.

Following yesterday' modest turnover of $15.96 million, the benchmark NZX-50 index slid 2.456 points, or 0.076 per cent, to 3222.672 at 10.15am from 3225.128 in quiet opening trading today.

Volumes were again small. Fletcher Building lost 5c to $795, Michael Hill dropped 1c to 66c, Methven lost 2c to $1.61 and Telecom eased 1c to $2.52, although Guinness Peat Group gained 1c to 84c, Sanford was up 1c to $4.77 and Contact Energy was also up 1c to $6.10.

Yesterday, the Australian share market closed at a two-month high amid light trading, following gains on United States markets.

The benchmark S&PASX200 index rose 54.2 points, or 1.13 per cent, to 4845.1 points, while the broader All Ordinaries index lifted 53.4 points, or 1.11 per cent, to 4856.7 points.

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Meanwhile, US stocks have edged lower, breaking a six-day advance as reports on home prices and consumer confidence did little to excite buyers.

Major indexes had risen modestly early on, but slipped as the dollar strengthened and tugged on commodities prices. A stronger dollar makes commodities more expensive for foreign buyers. That hit energy and materials stocks.

The Dow Jones industrial average is down 2 at 10,545. The Standard & Poor's 500 index is down 2 at 1,126. The Nasdaq composite index is down 3 at 2,288.

Falling stocks narrowly outpaced those that rose on the New York Stock Exchange. Volume came to a light 634.6 million shares.

- NZPA, AP