NZ stocks: Shares slip on profit taking

The New Zealand sharemarket opened lower this morning as investors indulged in a spot of profit-taking on yesterday's rally.

The benchmark NZSX-50 index was 5.99 points lower at 3420.59 by 10.10am.

Top stock and market bellwether Telecom was again the big influence, falling 3c to 609 following yesterday's 12c gain.

Among the other leaders, Contact Energy slipped a cent to 729, Carter Holt Harvey was a cent higher at 251 after billionaire Graeme Hart yesterday completed his takeover of International Paper's majority stake, Fletcher Building slipped 7c to 775, and Fisher and Paykel Appliances eased a cent to 340.

- NZPA