NZ Shares: NZX down 1.7 pc

It's been a down day on the New Zealand Stock Exchange today, with the benchmark NZX-50 index down 1.7 per cent, or 51 points for the day, to 2897.

Shares in top stock Telecom are down by 17 cents, a 6.5 per cent fall to $2.41. The company today gave details about its new $574 million mobile phone network that will be rolled out over the next 12 months.

Contact Energy shares have fallen 17 cents to $7.30 and Fletcher Building shares are down 30 cents to $6.32.