NZ stocks: Market ends its ten day run, top indices edge lower

6.35pm

The New Zealand sharemarket today retreated from its two week high with two of its top indices edging lower in quiet trade.

At 5.30pm, the benchmark NZSX-50 index was down 2.46 points at 2747.05.

The NZSX-All capital index was down 1.24 points at 915.43.

Turnover was $96 million, including Telecom's $50.5m.

Shares in the bellwether telco closed unchanged at 572c.

A total of 158 stocks traded, with 38 rises and 61 falls.

Hamilton Hindin Greene broker Grant Williamson said the flat performance of shares in Telecom underpinned that of the market.

"There's been some offshore selling (in Telecom shares) and that's been countered by some local interest in yield stocks," he told NZPA.

Overall, the New Zealand market lacked solid direction and investors were looking for directional cues, he said.

Energy sector firms did well today.

Powerco was up 1c at 205, TrustPower was up 9c at 479, and Contact Energy was up 8c at 588.

Mr Williamson said Contact's rise could be pinned to talk about it increasing electricity prices in some areas.

In other news today, Oceana Gold said it was excited about the potential for a gold mine near Takaka, where it hoped to find 776,000 ounces of recoverable gold.

Oceana's shares closed down 4c at 87.

Shares in BIL International were up 3c at 90.

Singapore-based BIL today posted a US$62.6m ($96.70m) full year net profit, a turnaround from last year's US$60.3m loss.

New Zealand Wool Services International today posted an after tax full year profit of $3.4m, slightly down on last year's profit of $3.7m.

It issued a final dividend of 4c per share, payable on November 17, and closed up 2c at 60.

New Zealand Oil & Gas, which today announced it had struck water while drilling at Kiwi-1, was down 8c at 78.

Cavalier was static on 499c.

Yesterday the carpet maker said it was expanding into the South Island, buying a 50 per cent stake in Canterbury Woolscourers, through its subsidiary Hawkes Bay Woolscourers.

Other stocks on the move included: Air NZ up 1c at 192, AMP up 9c at 674, Carter Holt Harvey down 7c at 239, Fisher & Paykel Healthcare up 10c at 1355, Mooring Systems up 10c at 380, Promina up 8c at 471, and Tower up 6c at 191.

- NZPA