6.00pm
The New Zealand sharemarket was on the back foot today, with the key index losing 1.4 per cent since Monday which ended the financial quarter.
The benchmark NZSX50 gross index closed down 0.49 per cent today, or 10.81 points, at 2181.53, while the NZSX40 capital index lost 0.49 per cent to
2118.19.
Topping turnover of 29.95 million stocks, valued at $96.85 million, was Telecom's $57.92 million.
Forsyth Barr Frater Williams equities dealer Richard Burton said the New Zealand market was sold off today as profit-takers moved in.
"The major profit-takers have been in the Fisher & Paykel twins (Appliances and Healthcare), Telecom (down 6c at 513), The Warehouse off 5c (at 493), Lion Nathan down 3c (at 617), and Independent Newspapers Ltd (off 10c at 425)."
F&P Appliances lost 25c to 1315, while Healthcare was down 10c at 1200.
Insurer Tower rose 8c to 153 after shareholders voted today to remove a cap preventing investors holding more than 10 per cent of the company.
"If someone wants to make a play for Tower now they can, there's no restriction on buying more than 10 per cent in the market," Mr Burton said.
"The company still needs to raise money, but given there were plenty of underwriters for the alternative cash issue as well as Guinness Peat Group, after the significant write-offs that there has been, there's a bit more speculation there may be some more on-market activity now," he said.
GPG was down 3c at 157.
Tranz Rail closed up 4c at 96, 1c above the takeover bid from Australia's Toll Holdings, after speculation of a third bidder for the rail operator. The Government has also launched a bailout.
Fletcher Forests fell 1c to 118 after rallying this week, Fletcher Building gained 1c to 365, rural services company Wrightson Group fell 3c to 121, Contact Energy lost 4c to 495, Baycorp Advantage rose 2c to 165, Carter Holt Harvey was up 2c at 177, and Sky City lost 4c to 933.
There were 47 falls and 37 rises on the 126 stocks traded.
On Wall St, the Dow Jones industrial average finished the holiday-shortened session down 72.63 points at 9070.21; the broader Standard & Poor's 500 Index fell 8.05 points to 985.70; and the Nasdaq Composite Index eased 15.28 points to 1663.45.
In the United States, the markets will be closed today to mark Independence Day.
- NZPA
6.00pm
The New Zealand sharemarket was on the back foot today, with the key index losing 1.4 per cent since Monday which ended the financial quarter.
The benchmark NZSX50 gross index closed down 0.49 per cent today, or 10.81 points, at 2181.53, while the NZSX40 capital index lost 0.49 per cent to
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