KEY POINTS:
The New Zealand stockmarket was up in early trading today despite the release of a quarterly survey of business opinion pointing to a fall in gross domestic product over the next two quarters.
The NZSX-50 benchmark index was up 4.9 points to 3126.37 at 10.10am after falling 36.47 points to close at 3121.44 yesterday.
The June quarter Quarterly Survey of Business Opinion (QSBO), published today by the NZ Institute of Economic Research (NZIER), found that on a seasonally adjusted basis, a net 18 per cent of firms reported a decline in their own activity.
The major indicator of business sentiment was pointing to two more quarters of economic decline, following the 0.3 per cent fall in GDP in the March quarter.
US stocks fell on Monday on concerns that the top two mortgage providers would have to raise even more capital, severely devaluing existing shareholders' stakes, while big energy companies fell along with oil prices.
Locally, Contact was up 5c to 765 after falling 20c to close at 760 last night, Fisher and Paykel Healthcare and Fisher and Paykel Appliances were both up 2c to 231 and 185 respectively.
Auckland Airport was up 1c to 188, Sky TV 3c to 428 and Pumpkin Patch 3c to 155 after Jan Cameron's disclosure of her 6.3 per cent stake in the childrens' clothing company.
Telecom remained unchanged in early trading at 338. Fletcher Building was also unchanged at 622.
Monday's big mover Mainfreight was down 9c to 620, losing most of yesterday's 11c gain. Steel and Tube was down 2c to 246 and Cavalier 5c to 220.
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The Dow Jones industrial average fell 56.58 points, or 0.50 per cent, to 11,231.96. The Standard & Poor's 500 Index slid 10.59 points, or 0.84 per cent, to 1252.31, while the Nasdaq Composite Index slipped 2.06 points, or 0.09 per cent, to 2243.32.
- NZPA
