KEY POINTS:
The New Zealand sharemarket is down more than 2 per cent this morning, following the lead of overseas markets.
On Friday before the long Labour weekend break, the benchmark NZX-50 index closed down 28.793 points, or 1.026 per cent, at 2778.546 on turnover worth just $51.59 million.
The benchmark NZX-50 is down 2.4pc at 2711, a 67 point fall.
Telecom shares are down 9c to $2.22, while Contact Energy shares are down 27c to $6.58. Fletcher Building shares are down 17 cents to $5.63.
Among the few stocks in positive territory this morning were Auckland Airport, up 1c, or 0.56 per cent, to 87c.
AMP NZ Office Trust was also up 1c, or 1 per cent, to 99c. Fisher & Paykel Healthcare gained 6c, or nearly 2 per cent, to $3.07.
Shares in stock market operator NZX were unchanged despite over the weekend the Johannesburg Stock Exchange making an unsolicited takeover offer for Bond Exchange of South Africa (BESA) which will potentially offer a 23 per cent profit on the shares NZX bought earlier this month. NZX owns 22 per cent and is the largest shareholder of BESA.
- NZPA
