Shares off to weak start

The New Zealand sharemarket ended its five-day stretch of gains, opening low as concern over the European financial sector resurfaced in overseas markets.

Since closing at 3036.10 last Tuesday, the sharemarket pumped up 138 points - reaching 3174.14 yesterday.

But its winning streak ended today when the benchmark NZX-50 index opened down 10.614 points at 3163.526.

Only three companies started the day showing gains. ING Property Trust was up 1c to 72 after it had consolidated its portfolio with the sale of one retail property and the acquisition of another for the same price.

Methven was up 2c to 160, and ING Medical Properties was up 1c to 123.

In the red, Contact Energy fell 3c to 571, Fletcher Building fell 5c to 810 and Telecom fell 2c to 211.

Mainfreight was down 2c to 682, Freightways was down 1c to 297, Nuplex was down 1c to 339, Property for Industry was down 1c to 114, and Fisher & Paykel Healthcare was down 2c to 304.

New Zealand Refining was down 1c to 321, Infratil fell 1c to 170, and Pike River Coal was down 1c to 109.

Tower fell 2c to 186 and Air New Zealand fell 6c to 129, ex 4c share dividend.

Goodman Property Trust, whose manager Goodman NZ raised $45 million through a private bond issue, was unmoved at 96.

L&M Energy was untraded after news it had raised $1.4million through a share purchase plan.

In the US, stocks fell in very light volume on Tuesday as investors seized on renewed concerns about European banks as a reason to sell shares after strong gains last week.

The Dow Jones industrial average fell 107.24 points, or 1.03 percent, at 10,340.69. The Standard & Poor's 500 Index lost 12.67 points, or 1.15 percent, at 1091.84. The Nasdaq Composite Index shed 24.86 points, or 1.1 percent at 2208.89.

- NZPA