On the markets, the NZX50 is down 12 points to 2768.

Fletcher Building is up 10c to $6.52, Freightways is up 7c to $2.90, Lion Nathan is up 18c to $14.60, Sanford is up 19c to $5.39, Telstra is up 13c to $4.25 and The Warehouse is up 3c to $3.78.

Auckland Airport is down 4c to $1.58, APN is down 17c to $1.72, Cavalier is down 3c to $1.81, Contact is down 4c to $5.76, Hallenstein Glasson is down 3c to $2.50, Pumpkin Patch is down 6c to $1.45 and Sky City is down 5c to $2.58.

The dollar is buying 63.81 US cents, 79.27 Australian cents, 45.23 Euro cents, 61.62 Yen and 38.78 pence.

The 90 day bank bill rate is 2.85 percent and the TWI is 60.22.