Wednesday 16th February 2011
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The New Zealand sharemarket fell in early trading as miner OceanaGold gave up some of the gain of almost 10% it made yesterday.
OceanaGold (NZX: OGC ) shares opened down 8c to $3.67, having risen 33c yesterday after reporting an increase in its South Island reserves.
Sky City (NZX: SKC ), which said it lifted half year normalised net profit 2.1%, fell 3c early to $3.30.
Fletcher Building (NZX: FBU ) fell 4c early, to $8.17, after reporting an 8% rise in half year net profit.
Around 10.15am the benchmark NZX-50 index was down 7.71 points to 3382.39, after gaining 6 points yesterday.
In the US, stocks closed lower after a surprisingly weak retail sales report.
The Commerce Department said US retail sales rose just 0.3% in January, the smallest increase since June and half of what economists had predicted.
Energy companies led the way down. Exxon Mobil Corp lost 2.3%, the largest drop among the 30 large companies that make up the Dow Jones index.
According to preliminary figures, the Dow Jones industrial average fell 0.3% to 12,226, the Standard & Poor's 500 index was down 0.3% to 1328, and the Nasdaq composite index fell 0.4% to 2804.
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