NZ sharemarket slips early

The New Zealand sharemarket slipped in early trading, after a pull back in major stock indices in the United States.

Around 10.15am the benchmark NZX-50 index was down 7.97 points to 3073.01, after a 12-point gain yesterday.

The reporting season is picking up pace, with Fletcher Building's annual result out tomorrow and Contact Energy to report on Friday.

Fletcher Building was down 2c early today to $7.16 on top of a 14c fall yesterday, while Contact Energy was down 1c early to $6.48. Top stock Telecom also slipped 1c, to $2.74.

Michael Hill International gained 3c, or 4.4 per cent, early to 71, while NZ Refining Co lifted 5c to $6.95 and NZX gained 5c to $7.90, while Nuplex added 2c to $2.09.

Port of Tauranga shed 6c to $6.69, Sanford was down 3c to $5.17, Sky TV lost 2c to $4.67, Sky City was down 2c to $3.37, and Air NZ was down 2c to $1.18.

Dual-listed Westpac slid 31c to $27.99, with Lion Nathan down 25c to $14.50.

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In the US, stocks fell as investors booked profits following a four-week rally that took the broad S&P 500 index to a 10-month high on Friday.

The Dow Jones industrial average lost 0.3 per cent to close at 9337.95, the Standard & Poor's 500 Index fell 0.3 per cent to 1007.10, and the Nasdaq Composite Index dropped 0.4 per cent to 1992.24.

- NZPA