NZ sharemarket quiet at open

It was definitely the middle of a short holiday week as the New Zealand sharemarket opened in a quiet frame of mind today, slipping slightly on small volumes.

Following yesterday' modest turnover of $15.96 million, the benchmark NZSX-50 index slid 2.456 points, or 0.076 percent, to 3222.672 at 10.15am from 3225.128 in quiet opening trading today.

Volumes were again small. Fletcher Building lost 5c to 795, Michael Hill dropped 1c to 66, Methven lost 2c to 161 and Telecom eased 1c to 252, although Guinness Peat Group gained 1c to 84, Sanford was up 1c to 477 and Contact Energy was also up 1c to 610.

Yesterday, the Australian share market closed at a two-month high amid light trading, following gains on United States markets.

The benchmark S&PASX200 index rose 54.2 points, or 1.13 per cent, to 4845.1 points, while the broader All Ordinaries index lifted 53.4 points, or 1.11 per cent, to 4856.7 points.

Meanwhile, US stocks barely budged yesterday as data showing a rise in consumer confidence was offset by home prices stalling in October.

In a low-volume session shares of home builders and oil companies ranked among the weaker performers as investors weighed the data on housing and consumer confidence _ two sectors considered crucial for a recovery.

The Dow Jones industrial average added 9.97 points, or 0.09 percent, to 10,557.05. The Standard & Poor's 500 Index slipped 1.11 points, or 0.10 percent, to 1126.67. The Nasdaq Composite Index lost 3.50 points, or 0.15 percent, to 2287.58.

- NZPA