7.30pm
The New Zealand sharemarket finished down today, dragged lower by dips in key stocks Telecom and Carter Holt Harvey (CHH).
At 5pm, the benchmark NZSX-50 index was down 15.39 points at 2456.12, while the NZSX-40 capital index was down 14.09 points at 2273.08.
Telecom shares were down 5c at 561, having traded
$35 million worth on a volume of 6.3 million, ahead posting of its first half result on Thursday.
Carter Holt Harvey shares were down 3c at 189, having traded $5.7 million worth on volume of three million.
On Friday, CHH returned a December year net loss of $656 million.
The loss was largely caused by a $876 million writedown to the value of its 330,000ha forest estate.
New Zealand Exchange saw 44.7 million shares worth $85.7 million traded. Among the 145 stocks traded were 46 rises and 58 falls.
Macquarie Equities broker Rob Gwyther said the market had started well but drifted down, following the trend of overseas bourses.
"I think it's looking for direction... but there is likely to be some (direction) with the results of Telecom out (later this week)," he told NZPA today.
The market was a "little bit" confused after the Reserve Bank of New Zealand's surprise move in raising the official cash rate to 5.25 per cent on Thursday.
Mr Gwyther expected a "fairly volatile" week for offshore markets ahead of the Group of Seven meeting in Florida on Friday, possibly providing a cue for the trading on NZX.
Among other market movers today were AMP down 10c at 502, DB Breweries up 20c at 825, Fisher & Paykel Healthcare up 25c at 1235, GRD Macraes down 8c at 228, Lion Nathan down 8c at 670, NGC Holdings down 5c at 223, NZX up 6c at 625, Sanford up 12c at 556, Steel & Tube up 8c at 396, and TrustPower up 6c at 695.
On overseas markets, the US sharemarket fell on Friday after a report showing fourth-quarter US economic growth was below Wall St forecasts.
The report raised concerns about the strength of the US economy's recent signs of recovery and prompted investors to lock in recent gains.
In Tokyo, Japan stocks ended almost flat in relatively quiet trade on Friday as investors took profits on blue-chip shares that made hefty gains in recent rallies, while seeking shares with attractive valuations.
- NZPA
