NZ Shares: Market opens mixed

The New Zealand stock exchange opened to a mixed market this morning, with the NZX-50 index down 2.8 points, after the broader sharemarket in the United States was dragged lower as oil prices declined.

Among the leading shares, Telecom opened up 2c at $2.62, Contact stayed the same at $5.99 and Fletcher Building dropped 4c to $6.59.

Around 10.19am, the benchmark NZX-50 index was 2788.1, having slid 2.8 points or 0.1 per cent.

Among other shares to open up today were Pike River Coal, up 3c at $1.06, Mainfreight up 4c at $4.79 and ING property, up 1c to 56.

After a strong performance last week following a market update which revalued its assets, Guinness Peat Group opened up 1c at 81.

Shares opening down included Skycity, dropping 5c to $2.82, Fisher & Paykel Healthcare down 2c to $3.13, and Skycity down 5c to $2.81.

Infratil showed the biggest percentage drop of 2.9 per cent, or 5c to $1.65.

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In the US, the Dow Jones industrial average dropped 0.8 per cent, while the Standards and Poors 500 dropped 1.1 per cent and the Nasdaq Composite Index fell 0.5 per cent.

- NZPA