Sharemarket opens weak

Trading was quiet on the New Zealand sharemarket as it slipped lower on small volumes in opening trading this morning.

The benchmark NZX-50 index dribbled down 1.128 points, or 0.04 per cent, to 3152.637 at 10.15am.

Small volumes were traded, Tower lost 2c to $1.68, Air New Zealand down 1c to $1.19 and Fletcher Building, down 5c to $8.40.

Rakon was up 1c to $1.23 and ANZ Banking Group was also up 5c to $30.25.

Telecom was unchanged at $2.62.

Pyne Gould Corporation, whose shares plunged from 70c to 50c yesterday, recovered a little to 53c.

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In the United States stocks slipped yesterday after a drop in US consumer confidence made investors retreat to the sidelines, while the US dollar firmed against the yen, rallying from an eight-month low plumbed the previous day.

The Dow Jones industrial average fell 0.48 per cent on the day, while the Standard & Poor's 500 Index eased 0.22 per cent and the Nasdaq Composite Index shed 0.31 per cent.

Japan's benchmark Nikkei stock index rose 0.9 per cent on Tuesday after sliding 2.5 per cent the previous day to its lowest close since July 24.

The Australian share market closed firmly in the black after strong gains across the board on the back of a buoyant US lead and higher commodity prices.

The benchmark S&P/ASX200 index was up 75.7 points, or 1.62 per cent, at 4753.1, while the broader All Ordinaries gained 70.3 points, or 1.5 per cent, to 4747.2.

NZPA