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NZ shares fall in early trading

Tuesday 11th January 2011

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The New Zealand sharemarket fell in morning trade, after inching up yesterday.

Around 10.15am, the benchmark NZX-50 index was down 5.2 points at 3318.8, having yesterday ended up 6.1 points.

Among the top stocks, Telecom (NZX: TEL ) lost 1c to $2.17, Contact Energy (NZX: CEN ) fell 3c to $6.16, Fletcher Building (NZX: FBU ) fell 1c to $7.77, and Auckland Airport (NZX: AIA ) was unchanged at $2.22.

Retailers were mixed, after figures released yesterday showed a modest improvement in December spending accompanied by signs of consumer caution.

The Warehouse (NZX: WHS ) added 2c to $3.45, Hallenstein Glasson (NZX: HLG ) was unchanged at $4.16, and Michael Hill (NZX: MHI ) remained at $8.70.

Fast food operator Restaurant Brands (NZX: RBD ) remained at $2.68 after yesterday jumping 6c, while Nuplex (NZX: NPX ) shares fell 2c to $3.47.

Westpac (NZX: WBC ) was down 18c at $28.62, ANZ (NZX: ANZ ) up 49c at $30.25, AMP (NZX: AMP ) unchanged at $6.77, and Telstra (NZX: TLS )  fell 1c to $3.62.

Sky City (NZX: SKC ) was unchanged at $3.36, Sky TV (NZX: SKT ) remained at $5.25 and Infratil (NZX: IFT ) also showed no movement at $1.94.

Meanwhile, US stocks recovered from early losses in light volume on Monday, ending little changed as prospects for strong earnings overcame fears Portugal would be forced into a bailout.

The Dow Jones industrial average was down 37.39 points, or 0.32%, at 11,637.37. The Standard & Poor's 500 Index was down 1.75 points, or 0.14%, at 1,269.75. The Nasdaq Composite Index was up 4.63 points, or 0.17%, at 2,707.80.



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