The New Zealand sharemarket was weaker today, reflecting weak offshore markets and a quiet corporate news day.
The benchmark NZX-50 index closed down 35.867 points, or 1.174 percent, at 3018.892, after losing 6.5 points yesterday. It is drifting back toward last Thursday's 10 month low around 2990. Turnover was worth $82.39 million. There were 19 rises and 45 falls among the 104 stocks traded.
Stephen Wright at ASB Securities said Telecom was only down 1c to $1.86 and Fletcher Building was down 2c at $8.20.
But Contact Energy lost 17c to $5.76, and Nuplex was down 8c to $2.93.
After a holiday on Monday, trading was choppy in the United States for much of its first day back, a sign that investors weren't sure where to put their money. Investors were juggling worries about Europe's debt problems with upbeat reports on US manufacturing and construction.
US stocks took a late-day dive after the government said it was starting criminal and civil investigations into the Gulf of Mexico oil spill.
The plunge came shortly before the close and minutes after Attorney-General Eric Holder made the announcement. Stocks in energy companies and oil service providers tumbled on the news, and other stocks followed.
Most Asian markets were weak today, adding to the negative backdrop for the local market.
Pike River Coal fell 2c to 98c, SkyTV fell 2c to $4.62, Auckland Airport fell 5c to $1.85 and Ebos fell 5c to $6.05.
Mainfreight fell 6c to $6.20 and Hallenstein Glasson fell 8c to $3.30. NZX lost 5c to $1.61.
Restaurant Brands rose 2c to $2.34 and ING Property Trust rose 1c to 72c. TrustPower rose 2c to $7.12, Methven rose 1c to $1.61 and Infratil rose 1c to $1.63. Tourism Holdings rose 2c to 80c and ING Property rose 1c to 72c.
The Dow Jones Industrial Average closed down 1.1 percent to 10,024.02, the tech-rich Nasdaq index fell 1.5 percent to 2222.33, and the S&P 500 index slipped 1.7 percent to 1070.71.
