On the markets, the NZX 50 is down 10 points to 3213.

AMP down 5c to $7.90, APN News & Media down 4c to $3.19, Auckland Airport down 1c to $1.93, F&P Healthcare down 3c to $3.29, Goodman Fielder down 3c to $2.00, Sky City Entertainment down 7c to $3.25, Telecom down 3c to $2.21 and Telstra Corp down 1c to $3.79.

ANZ Banking Group up 3c to $31.05, Bankers Invest Trust up 8c to $8.30, Contact Energy up 4c to $6.15, F&C IT Plc Ordinary Units up 5c to $6.15, Goodman Property Trust up 1c to $1.02, NZ Refining Co up 4c to $3.38, New Zealand Oil & Gas up 2c to $1.60, NewOceana up 12c to $3.48, PIKERIVER up 2c to 91c and Westpac Banking Corp up 26c to $35.06.

The dollar is buying 69.83 US cents, 76.79 Australian cents, 51.29 euro cents, 62.89 yen and 46.50 pence.

The 90 day bank rate is 2.70 percent and the TWI is at 64.64.