NZ shares start lower

November 20 - Open

FPH

2.120

0.00

0.00%

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Market Data

Stocks slip after Mainfreight result Kiwi falls on European downgrades Stocks gain on Greek vote; euro dips Greek deal fans risk asset buying Finance and business diary Stocks down despite Greek news Dollar up on Greek debt package Market day ahead: Markets at the mercy of Greek vote NZ sharemarket: Mixed earnings season expected Stocks up but trading light

The New Zealand sharemarket fell in early trading, dominated by declines in leading companies.

Among the top shares, Fletcher Building was down 6c to 779 a few minutes after the market opened, Contact Energy also fell 6c, to 599, and Telecom was down 3c to 254.

Around 10.15am, the benchmark NZX-50 index was down 14.42 points to 3126.75, after yesterday gaining 12.8 points.

Shares in rural services company PGG Wrightson were in trading halt, with the company announcing it plans to raise $180.7 million through a rights issue, offering nine new shares for every eight shares held at a price of 45c each.

NZ Refining Co shares were down 4c to 502, Trustpower was down 3c to 745, Infratil down 2c to 149, and Restaurant Brands down 2c to 147.

Retailer Hallenstein Glasson gained 5c to 318 early, but only on low volume.

In the United States, stocks lost ground as semiconductors dragged tech shares lower after a brokerage's bearish view of the industry and doubts about the strength of the economic recovery cut the appetite for risk.

The Dow Jones industrial average dropped 0.9 percent to close unofficially at 10,332.60, the Standard & Poor's 500 Index fell 1.3 percent to finish unofficially at 1094.90, and the Nasdaq Composite Index lost 1.7 percent to close unofficially at 2156.82.

NZPA