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The New Zealand sharemarket has tumbled in early trading after world markets slumped, despite strong half-year results from Fisher & Paykel Healthcare.
Healthcare posted a 51 per cent lift in net profits to $28.3 million for the six months to the end of September, with the company saying its respiratory and acute care product group was growing strongly.
Despite that Healthcare's shares were up only 1c in early trade to $3.13, while prices for many other shares fell.
Around 10.15am the benchmark NZX-50 index was down 44.79 points, or 1.66 per cent, to 2661.49 points. Yesterday it closed down 8.3 points.
Among leading shares today, Telecom was down 8c early to $2.27, Contact Energy lost 10c to $7.05, and Fletcher Building fell 18c to $5.52.
Trustpower was down 15c to $7.00, Sky City down 12c to $2.93, NZX down 10c to $5.85, Port of Tauranga down 9c to $6.51, Nuplex lost 8c to $4.87, and Freightways was down 5c to $3.00.
Stocks losing 4c early included Infratil to $1.75, Steel & Tube to $2.90, and NZ Oil & Gas to $1.16, while Ryman Healthcare lost 3c to $1.35.
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US stocks plunged to the lowest in 5-1/2 years as investors girded for a lengthy economic downturn and US auto executives predicted a far-reaching calamity without a government lifeline.
Unofficially, the Dow Jones industrial average plunged 5.1 per cent, the Standard & Poor's 500 Index fell 6.1 per cent, and the Nasdaq Composite Index tanked 6.5 per cent.
- NZPA
