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NZ Sharemarket Down, Telecom Falls, Fletcher Building Rises

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, July 9 NZPA - The New Zealand sharemarket retreated today as top stock Telecom gave up a 10c gain it made yesterday.

Telecom closed down 10c at 270. An order of 2.5 million shares on the close of the market lifted Telecom's price yesterday but once the order was filled the price slipped back.

Fletcher Building was the other feature, with the premier building company posting a 9c gain to 650 today on turnover worth $18.18 million. The stock turned around from being down earlier in the session.

The benchmark NZSX-50 index closed down 8.915 points, or 0.324 percent, at 2741.681. There were 30 rises and 36 falls among the 98 stocks traded. Market turnover was worth $96.57m.

"All in all the market is not too bad when you take out the Telecom fall," Grant Williamson, director at Hamilton, Hindin, Greene said.

He said the market was very quiet on a lack of domestic news and following a mixed performance by foreign markets.

"It's been a week of very low volumes," he said.

NZOG fell 1c to 151 and today disclosed an investment in oil exploration in the Hoki permit area off the Taranaki coast.

ING Property Trust rose 1c to 64 after updating the market on progress on property sales. ING Medical Property rose 1c to 117 and Kiwi Income Property rose 2c to 93. Goodman Property rose 1c to 92.

Nuplex rose 6c to 153, SkyTV rose 13c to 415 and SkyCity rose 3c to 268. The Warehouse rose 2c to 373 and Hellaby rose 9c to 119.

NZX fell 18c to 701.

Contact fell 1c to 562 and TrustPower was unchanged at 750.

Guinness Peat Group fell 1c to 65 on a day when director Gary Weiss rose to his feet at the CSR annual meeting in Sydney to give the company a hard time about its poor performance.

Freightways fell 4c to 275 and Mainfreight fell 5c to 420. Port of Tauranga fell 5c to 605.

AMP fell 6c to 569 and Tower fell 1c to 169. Sanford fell 14c to 516.

In the United States, stocks rebounded in late trade after a day of wild price swings, with the Dow and Nasdaq eking out gains as investors hoped that corporate results would top estimates as the quarterly earnings season prepared to kick off.

The Dow Jones industrial average gained 0.2 percent to 8178.41, the Standard & Poor's 500 Index dropped 0.2 percent to 879.56, and the Nasdaq Composite Index added 0.1 percent to 1747.17.

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