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Sharemarket opens flat

Friday 10th December 2010

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The New Zealand sharemarket was flat in early trading after leading companies were weaker yesterday following a dovish outlook for the economy from the Reserve Bank.

Around 10.20am the benchmark NZX-50 index was up 0.65 points to 3281.2, having yesterday closed down 13.8 points.

Telecom (NZX: TEL ) slipped 1c early to 208 after dropping 6c yesterday, while Fletcher Building (NZX: FBU )  which also lost 6c yesterday, was unchanged at 782. Contact Energy (NZX: CEN ) did regain in early trading the 4c it lost yesterday, but only on low volume.

Cavalier Corp (NZX: CAV ) was up 2c to 302, Auckland Airport (NZX: AIA ) gained 2c to 209, Pumpkin Patch (NZX: PPL ) added 2c to 163, Wakefield Health (NZX: WFD ) was up 5c to 595, and Kirkcaldie & Stains (NZX: KRK ) lifted 5c to 250, Hellaby Holdings (NZX: HBY ) lost 3c to 201, Restaurant Brands (NZX: RBD )  lost 2c to 265, and NZ Oil & Gas (NZX: NZO ) lost 2c to 89.

In the US, stocks indices ended little changed as a recent rise in bond yields and uncertainty over tax-cut legislation unsettled investors.

The Dow Jones industrial average dropped 0.02% to 11,370.13, according to preliminary figures. The Standard & Poor's 500 Index gained 0.4% to 1233.00, and the Nasdaq Composite Index gained 0.3% to 2616.67.

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