NZ Shares: Market eases in early trading

The New Zealand sharemarket has edged down in early trade, despite stocks in the United States having snapped a two-day slide.

Among leading shares Telecom was down 1c early to $2.36, Contact Energy slipped 3c to $5.67, while Fletcher Building added 1c to $6.06.

Around 10.15am the benchmark NZX-50 index was down 4.89 points to 2564.01, after yesterday losing 43.6 points.

Stocks declining early included Fisher & Paykel Healthcare, down 4c to $2.95, Property for Industry down 2c to $1.10, and dual-listed Westpac down 5c to $24.50.

Nuplex gave up 2c to 28 after yesterday defending a call option for sub-underwriters of its rights issue.

Sky TV gained 4c to $389, Mainfreight lifted 4c on small volume to $400, and Restaurant Brands was up 2c to 88 after yesterday reporting its annual net profit, excluding non-trading items, rose by 13 per cent to $11.7 million.

Diligent Board Member Services was up 3c early to 15c after reporting annualised licence fees rose to US$4.37 million in the first quarter, an 83 per cent increase in annual recurring revenue from a year earlier.

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In the US, stocks snapped a two-day slide on news the government is shoring up life insurers and optimism about consumer spending after Bed Bath & Beyond Inc reported a better-than-expected profit.

The Dow Jones industrial average added 0.6 per cent to 7837.11, the Standard & Poor's 500 Index gained 1.2 per cent to 825.16, and the Nasdaq Composite Index shot up 1.9 per cent to 1590.66.

- NZPA