NZ sharemarket gives up strong start to close down

After falling every day last week, the New Zealand sharemarket opened strongly today in the wake of a barnstorming late rally by United States equities.

But there was no follow through and the market gave up its gains.

The benchmark NZSX-50 index closed down 2.619 points, or 0.102 percent, at 2575.482. Volume was worth $55 million. There were 42 rises and 34 falls.

"It is pretty disappointing with the Dow Jones up strongly on Friday night," said Grant Williamson, partner at Hamilton, Hindin, Greene.

"There is just not a lot of buying support in this market. People are still very nervous about what the future holds," he said.

Uncertainty surrounding American financial services company Citigroup was a focus of investors around the world today.

source: nzpa