KEY POINTS:
The New Zealand sharemarket edged lower early with top stock Telecom slipping 2c as the stock failed to gain momentum from yesterday's small rise.
On Friday Telecom shares lost 28c, or 7.6 per cent, to 340 after the company reported its operating surplus from continuing operations fell 15.5 per cent to $713 million for the year to the end of June.
Since then the stock has failed to get back above 350 and shortly after the market opened today was at 336, after gaining 5c yesterday.
Fletcher Building shares were unchanged early after a roller coaster ride yesterday that saw it trading in a 30c range before finishing up 15c at 658
Yesterday Fletcher reported a 4 per cent fall in full-year net profit to $467m, but earnings before interest and tax rose 10 per cent to $768m.
Around 10.15am today the benchmark NZSX-50 index was down 2.57 points to 3342.67, after falling 8.4 points yesterday.
NZ Oil & Gas gained 6c early to 148 after losing 7c yesterday in a bout of selling.
Rakon, up 9c yesterday, was back down 9c early to 305, with Sanford down 5c to 595 after yesterday's 15c gain.
Other early share movements included Air New Zealand down 3c to 123, and Fisher & Paykel Healthcare down 3c to 289.
Among stocks to rise early were Contact Energy, up 6c on small volume to 851, Pike River Coal up 2c to 174, Sky City up 3c to 365, and Sky TV up 2c to 490.
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In the US, stocks fell as persistent concerns about the credit crisis hurt bank shares while a rebound in oil prices and weak outlooks at some retailers raised anxieties about consumer spending.
The Dow Jones industrial average fell 0.94 per cent to 11,532.96, while the Standard & Poor's 500 Index slipped 0.29 per cent to 1285.83. The Nasdaq Composite Index was down 0.08 per cent at 2428.62.
- NZPA
