NZ stocks: Market edges lower as leaders dip

The benchmark sharemarket index contined to edge lower today after hitting a new high mid-week.

The benchmark NZSX-50 gross index was down 3.27 to 3441.46 at 10.10am after falling a similar amount yesterday.

Bellwether stock Telecom was down another 2c to 600 after dropping 7c yesterday. No.2 stock Contact Energy was down 4c to 764.

More than 1 million Burns Philp shares traded. It announced plans yesterday to spin off its bread and butter assets into a Goodman Fielder, which will be listed on the ASX and NZX,

Michael Hill was up 5c to 755 and Cavalier was down 5c to 380.

On Wall Street, shares rose strongly, led by webb auctioneer Ebay.

- NZPA