Sharemarket slips early after 28-month high yesterday

Friday 14th January 2011

The New Zealand sharemarket slipped in early trade after rising to a 28-month high yesterday.

Around 10.15am the benchmark NZX-50 index was down 1.45 points to 3372.26, having yesterday ended up 39.1 points.

Investment company Hellaby Holdings (NZX: HBY ) edged up 1c to $2.21 in early trade today, having reached a three-year high of $2.25 during trading yesterday.

Ryman Healthcare (NZX: RYM ) was up 2c to a 3-1/2-year high $2.37, while NZ Refining Co (NZX: NZR ) added 2c to equal yesterday's 18-month high at $4.50.

Contact Energy (NZX: CEN ) was down 2c to $6.33, Telecom (NZX: TEL ) slipped 1c to $2.28 from yesterday's 11-month high, and Fletcher Building (NZX: FBU ) was unchanged on $7.96.

Nuplex (NZX: NPX ) dropped 2c to $3.50, Sky TV (NZX: SKT ) was down 3c to $5.31, Xero (NZX: XRO ) dropped 2c to $2.78, and Delegat's Group (NZX: DGL ) gained 7c to $2.17.

In the US, stocks were hurt by a slide in drugmaker Merck and as falling commodities prices hit shares of natural resource companies.

On preliminary figures, the Dow Jones industrial average was down 0.2% at 11,731.90, the Standard & Poor's 500 Index was down 0.2% at 1283.76, and the Nasdaq Composite Index was down 0.1% at 2735.29.

NZPA

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