Markets
New Zealand shares open 1.4pc lower after Wall St slide
WELLINGTON : New Zealand 's benchmark stock index opened 1.4 percent lower on Friday, as the market tracked but avoided
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WELLINGTON: New Zealand's benchmark stock index opened 1.4 percent lower on Friday, as the market tracked but avoided the worst of a plunge on Wall Street as investors dumped risk and sought safety because of a deteriorating global outlook.
New Zealand's benchmark NZX-50 index was down 48.2 points or 1.44 percent to 3264.63 in early trading.
Top stock Fletcher Building Ltd was 2.7 percent lower at NZ$7.25, while Telecom Corp was 1.5 percent lower at NZ$2.60.
The Dow Jones industrial average closed down 3.51 percent.
Copyright Reuters, 2011
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