The sharemarket closed fractionally lower today with a generally negative tone somewhat offset by a gain in Contact Energy amid growing anticipation of a pending announcement on the sale of Edison Mission's stake in the company.
By the 5pm close the benchmark NZSX-50 gross index was down 2.53 points at 2691.01,
while the NZSX all capital index was 1.99 points lower at 903.88.
Total turnover was worth $100.77 million and there were 36 rises and 69 falls among 152 stocks traded.
Amro Craigs Equities retail advisor Nigel Scott said school holidays in New Zealand and Australia and summer holidays in northern hemisphere markets were affecting volumes.
He also said there had been a fair amount of recent comment that the local market was looking fully priced.
Meanwhile, among long running issues coming to a head was the pending sale of Edison Mission's 50.1 per cent stake in Contact Energy.
Contact rose 11c to 588 today. Final bids for Edison's Contact stake are reported to have now been lodged and an announcement on the sale is expected soon. Australia's AGL and Origin Energy are reported to be front runners.
"We've been waiting a long time to see the result of the sale process. From that a lot of activity may pan out in that energy sector.
"These are big deals they are complex. They do take a long time and when they do come out then people can actually ascertain the level of pricing or if the money has to be raised or other assets sold and that's exactly what the market's waiting on."
Elsewhere market leader Telecom was down a cent at 586. Other top stocks were for the most part slightly lower with the exception of Carter Holt Harvey up 2c to 205 and Fletcher Building up 2c to 482.
Other stocks to move today included: Auckland International Airport down 6c to 670, Dorchester Pacific Group up 5c to 275, Fisher & Paykel Appliances down 6c to 444, Fisher & Paykel Healthcare up 4c to 1310, Infratil down 7c to 295, Michael Hill up 4c to 593, Mike Pero Mortgages down 2c to 86, Port of Tauranga down 7c to 513, Postieplus down 2c to 95, Richmond down 3c to 312, Software of Excellence down 15c to 150, Steel & Tube Holdings up 6c to 422, and The Warehouse down 4c to 410.
- NZPA
