Small early rise for NZ shares

Fletcher Building shares pulled further away from three-month lows when the New Zealand stock exchange opened today, leading the market to a small early gain.

After falling as low as $7.55 on Monday, the lowest point since early September, Fletcher Building shares gained 5c yesterday and were up 13c to $7.78 early today.

Around 10.15am the benchmark NZX-50 index was up 2.86 points to 3119.97, having yesterday gained 18.3 points.

Other top early performers in the first few minutes of trading included NZ Refining Co up 10c to $4.10, The Warehouse up 4c to $4.06, and Tower up 3c to $1.92.

Restaurant Brands shares gained 1c early to $1.61 after reporting a 4.7 per cent increase in third quarter sales to $72.9 million, led by strong growth from its KFC operation.

Shares dropping early included Steel & Tube, down 4c to $2.73, NZX down 5c to $8.75, Fisher & Paykel Healthcare down 2c to $3.31, Hallenstein Glasson down 2c to $3.11, Infratil down 2c to $1.62, and Ryman Healthcare down 2c to $2.04.

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In the United States, stocks fell halting a four-day winning streak for the Dow Jones industrial average and the S&P 500, as investors fretted about the outlook for interest rates following a sharper-than-expected increase in the November producer price index.

General Electric Co's outlook for flat 2010 profit and revenue dampened recent optimism about the US economy's prospects.

The GE news hit a market bracing for the US Federal Reserve's decision on interest rates.

The Dow fell 0.5 per cent to end unofficially at 10,452.00, the Standard & Poor's 500 Index slid 0.6 per cent to finish unofficially at 1107.93, and the Nasdaq Composite Index dropped 0.5 per cent to close unofficially at 2201.05.

- NZPA