Lack of interest saw the sharemarket head lower today on typically light Monday turnover.
The NZSE-40 capital index closed 12.66 points, or 0.65 per cent, lower at 1925.38, hovering just above 13-month lows. Turnover totalled just $51 million.
"It certainly didn't feel like a market with any direction today," JB Were senior
investment adviser Peter Stokes said.
"We are trading on a bit of a void of news. The AGM season is pretty much behind us now."
Lead stock Telecom, which last week also slumped to 13-month lows, and is largely responsible for the market's overall weakness. It headed back down towards those troughs with a 5c fall to 460 today.
"Telecom feels a little bit top-heavy at the moment. It is struggling to get any head of steam," Mr Stokes said.
Number 2 stock Carter Holt Harvey was off 3c to 172.
Air New Zealand closed steady at 51c after the airline today released an independent report on its proposed alliance with Qantas.
The report, by an Australian economic firm NEGC (Network Economic Consulting Group), said Air NZ will be faced with a war of attrition which it is not well placed to win if the alliance does not proceed.
Auckland Airport fell back 7c to 522 following its rally on Friday after it was announced Auckland City Council would sell half of its quarter stake and hang on to the rest for at least two years.
Contact Energy, which last week put out a profit warning saying an unusual market would hit income in the first quarter, fell 4c in early trading but recovered to close up 2c at 397.
Wrightson, which also last week issued a profit warning that said the cool spring would affect its result, fell 1c to 115 to add to Friday's 10 per cent drop.
Beleaguered Tranz Rail dropped 6c to 92c, equalling its all-time low. The Wellington Regional Council is threatening to use buses for its subsidised regional transport unless it can get agreement with Tranz Rail over safety issues.
Sky City, which on Friday announced its casino revenues in Auckland and Adelaide were steaming ahead, rose 8c to 760.
AMP added 15c to 1360 after appointing Paul Dyer as its new chief investment officer. Mr Dyer will take over from Chris Wozniak, who will begin work with Henderson Global Investors in Britain.
Among other movers, BIL eased 2c to 55c, Fisher and Paykel Healthcare lost 18c to 1005, Fisher and Paykel Appliances was down 10c at 1045, The Warehouse lost 3c to 710 and INL eased 5c to 290.
In all, there were 43 rises and 47 falls among the 129 stocks traded.
- NZPA
Lack of interest saw the sharemarket head lower today on typically light Monday turnover.
The NZSE-40 capital index closed 12.66 points, or 0.65 per cent, lower at 1925.38, hovering just above 13-month lows. Turnover totalled just $51 million.
"It certainly didn't feel like a market with any direction today," JB Were senior
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