Sharemarket slips from five week highs

The New Zealand sharemarket eased lower early, after yesterday closing at a five-week high in its seventh straight day of gains.

Around 10.15am the benchmark NZX-50 index was down 1.82 points to 3211.74, having gained 15 points yesterday.

Telecom dropped 4c to $2.22 early.

Property for Industry also dropped 2c, to $1.13, and Goodman Property Trust fell 2c to $1.00.

Both dual-listed banks were up 20c, Westpac to $35.20 and ANZ to $31.10, while Steel & Tube gained 4c to $2.60, Tourism Holdings lifted 3c to 99, and The Warehouse was up 2c to $3.97.

Teamtalk was up 3c to $2.25, with Just Water International down 3c to 30.

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In the United States stocks rose as optimism stirred by retailers' better-than-expected monthly sales pointed to stabilisation in consumer spending, pushing the Dow back into positive territory for the year.

The Dow Jones industrial average was up 0.5 per cent to end unofficially at 10,444.14, the Standard & Poor's 500 Index was up 0.4 per cent to 1122.97, and the Nasdaq Composite Index was up 0.5 per cent to 2292.31.

- NZPA