NZ shares down early

The New Zealand sharemarket fell in early trading, with major shares falling away after small gains yesterday.

Around 10.15am the benchmark NZX-50 index was down 7.31 points to 3298.94, after closing up 4.6 points yesterday.

Among the leading shares Telecom fell 2c early to $2.18, Fletcher Building was down 4c to $8.41, and Contact Energy dropped 4c to $6.20.

The Warehouse was down 3c to $3.86, and Vector fell 2c to $2.17, while Fisher & Paykel Appliances gained 2c to 61c, Dorchester Pacific lifted 2c to 18c, and Ebos Group was up 5c to $6.50 on low volume.

NZ Windfarms shares rose 2c to 25c early after reporting third quarter statistics that showed revenue from electricity sales up 686 per cent from a year earlier to $1.5 million, while the average electricity price lifted 136 per cent.

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In the United States stocks edged lower as bank shares fell on fears that financial reform making its way through Congress will curb profits, while Caterpillar's strong results buoyed the Dow.

The Dow Jones industrial average edged up 0.01 per cent to close at 11,205.03, the Standard & Poor's 500 Index dropped 0.4 per cent to 1212.05, and the Nasdaq Composite Index lost 0.3 per cent to 2522.95.

- NZPA