NZ stocks: Market down despite heavy Telecom trade

The New Zealand sharemarket closed lower for the second consecutive session today after a number of top stocks driving the benchmark index lower with the notable exception of market leader Telecom.

The NZSX-50 gross index finished 7.25 points or 0.28 per cent lower at 2610.14, 46 points lower than the life high of 2656.23 it hit a little over a week ago.

The NZSX all capital index fell 1.56 points or 0.18 per cent to 886.35.

Telecom closed 2c higher at 564 on whopping turnover of $106.83 million.The company issues its third quarter result in Sydney tomorrow and ASB Securities head of advisory Stephen Wright said the heavy turnover indicated "investors are picking a continuation of the good results we've seen the last couple of times".

Total turnover today was worth $160.10 million with 45 rises and 58 falls among the 150 stocks traded.

Mr Wright said outside of Telecom, it appeared the market had slowed somewhat with investors still waiting to see how interest rates panned out around the world.

"I think we're just having a pause after a reasonable run up in the market, " he said.

Among leading stocks to fall today was Contact Energy which ended 6c lower at 577. Mr Wright said the stock remained " pretty well supported around these levels".

"It's got a dividend coming up and there's still activity around that sector."

Across other top stocks, Auckland International Airport was down 9c to 668, Carter Holt Harvey was down 2c to 203, Fletcher Building was down 3c to 444, Fisher & Paykel Appliances down 2c to 466, Independent Newspapers down 5c to 490, Infratil up 10c to 320, Michael Hill up 16c to 588, Sky City up 2c to 451, Sky TV down 5c to 540, and The Warehouse down 4c to 432.

Highlights among the day's trade were the healthy debut of mobile radio communications firm Team Talk and an encouraging result from vodka maker 42 Below.

Team Talk's 4.5 million shares were issued at 175c each through an initial public offering, but closed at 224 after trading as high as 230.

42 Below finished 2c higher at 51 after the company announced full year revenue of $5.9 million and a narrowed loss of $1.13 million.

Sharemarket operator NZX closed a cent lower at 929 after its inaugural shareholder meeting today.

Westpac NZ finished 45c lower at 1930 after the company announced its half year net profit and A$500 million share buyback that will apply on a pro rata basis to the New Zealand shares.

Other stocks to move today included: Cavalier Corp down 5c to 475, Dorchester Pacific down 5c to 280, Fisher & Paykel Healthcare down 15c to 1270, Ports of Auckland down 10c to 730, Port of Tauranga up 8c to 500, Promina down 7c to 425, Telstra down 3c to 538, and Toll NZ up 4c to 157 .

- NZPA