KEY POINTS:
The New Zealand sharemarket edged lower in early trading, despite rises in US equities and an assurance from the Reserve Bank that this country's financial system remains fundamentally sound.
Around 10.15am the benchmark NZSX-50 index was down 1.59 points to 3330.43, after a 12.9-point rise yesterday.
Top stock Telecom was down 3c early to 326, partly reversing yesterday's 7c gain, while Fletcher Building was down 2c to 701.
Auckland International Airport was up 1c early to 199 , after the company posted a 3.3 per cent rise in full year adjusted net profit to $103.7 million.
It reported strong growth in domestic passenger numbers as the local airline industry became more competitive, but said the economic environment was expected to moderate the rate of passenger growth and related business activity.
Sky TV was up 3c to 496, having fallen 10c yesterday on profit-taking after reporting a 25.5 per cent increase in full year net profit to $97.7m.
Also up was The Warehouse, adding 5c to 350, while Ryman Healthcare rose 2c to 175, NZ Oil & Gas was up 2c to 147, and Mainfreight lifted 8c to 720 on light volume.
***
US stocks rose as bank and energy shares rebounded even as investors dumped Fannie Mae and Freddie Mac on fears of an imminent government bailout of the housing finance companies.
A 14 per cent jump in quarterly profit for computer maker Hewlett-Packard also helped boost the S&P 500 and raised hopes that overseas demand would continue to support technology spending.
The Dow Jones industrial average was up 0.61 per cent at 11,417.43. The Standard & Poor's 500 Index was up 0.62 per cent at 1274.54. The Nasdaq Composite Index was up 0.20 per cent at 2389.08.
- NZPA
