The focus was again on Fletcher Energy last night as the sharemarket closed slightly down after a busy day's trading.
The Commerce Commission's decision on Shell's application to acquire Energy came through after the market closed - leaving the Fletcher camp in the doldrums after the commission declined the application.
Fletcher Challenge
announced its restructuring on Tuesday, including the sale of Fletcher Energy to oil giants Royal Dutch Shell and Apache Corp.
At the close of trading, Fletcher Energy had gained 6c to 936 on turnover of 10.8 million shares worth $101.3 million.
The NZSE-40 Capital Index closed down 0.13 points at 1918.83, on turnover of 49.54 million shares worth $198.06 million.
Telecom reached a new low of 529 early in the day but recovered to close up 5c to 540 on turnover of 8.18 million shares worth $44.52 million.
Cavill White equities dealer Alan Wills said last-minute selling in Telecom brought the index down at the close of trading.
It had been in positive territory for most of the day.
"There is a lot of diversity of opinion on Telecom and that's what's creating the turnover."
Fletcher Forest lost 1c to 42 on turnover of 11.74 million shares worth $5.02 million, and Building fell 12c to 183.
Mr Wills said an announcement of the capital return of $151 million to DB group shareholders just after the market closed last night would be "favourably reacted by the market."
DB group closed up 1c at 301.
The Warehouse closed up 10c at 585 on news of a brokers' presentation in New York this week.
Other rises were AMP, up 15c to 2180, Sky City, up 6c to 681, and Tranz Rail, up 11c to 375.
Among the falls, Montana closed down 20c at 300, Baycorp fell 15c to 1210, and Frucor dropped 15c to 200.
Metlifecare lost 18c to close at 102.
New Zealand Refining dropped 10c to 1160.
- NZPA
