NZ Shares: Local market slips early

The New Zealand sharemarket slipped in early trading, following on from yesterday 1.2 per cent decline.

Around 10.15am the benchmark NZX-50 index was down 2.55 points to 2759.46. Yesterday it lost 32.9 points but resisted declines of the size seen in offshore markets.

Today Fletcher Building was up 5c early to $6.46, having yesterday fallen 21c. Other leading stocks were less helpful with Telecom unchanged on $2.62 and Contact Energy down 3c to $5.73.

Restaurant Brands slipped 1c to $1.00, after announcing it is to sell some of its Pizza Hut stores to owner-operators, under a new arrangement with Yum! Restaurants International.

PGG Wrightson shares fell 5c to $1.15, after the company revised down its earnings forecast because of the global recession.

The company said it now expected net operating earnings of between $30 million and $32 million for the year to June 30, down from previous guidance of $36m to $42m.

Guinness Peat Group shares fell 2c to 67c and dual-listed AMP was down 7c to $6.10.

Among the early risers Nuplex gained 3c to $1.59 and Pike River Coal was up 3c to $1.13.

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In the United States, the S&P 500 rose as investors hunted for bargains a day after a steep sell-off, but another delay for Boeing's 787 Dreamliner kept the Dow in the red.

The Dow Jones industrial average was down 0.2 per cent at 8322.91, the Standard & Poor's 500 Index was up 0.2 per cent at 895.10, and the Nasdaq Composite Index was down 0.1 per cent at 1764.92.

- NZPA