Sharemarket slips in early trade

The New Zealand sharemarket slipped in early trading, following falls in stocks in the United States after a statement from the Federal Reserve.

Around 10.15am the benchmark NZX-50 index was down 7.95 points to 3139.96, after yesterday gaining 5 points following data indicating the economy had squeaked out of recession.

The fall in the US came as investors worried the Federal Reserve is closer to pulling back on extraordinary measures to inject funding to shore up the economy.

Among leading shares in this country, Fletcher Building fell 4c to $8.45, Telecom gained 1c to $2.62, and Contact Energy was up 2c to $5.75.

Stocks falling early included Nuplex, down 4c to $2.45, Port of Tauranga down 4c to $6.46, and Tower down 3c to $1.76.

Shares falling 2c included Auckland Airport, to $1.85, Fisher & Paykel Appliances to 73, F&P Healthcare to $.17, Freightways to $3.18, NZ Refining Co to $4.70, Sky City to $3.17 and Trustpower to $7.45.

Early risers included Mainfreight, up 3c to $5.18.

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In the US, the Dow Jones industrial average shed 0.8 per cent to 9748.55, the Standard & Poor's 500 Index declined 1 per cent to 1060.87, and the Nasdaq Composite Index lost 0.7 per cent to 2131.42.

- NZPA