6.00pm
Telecom closed on its lowest for the year today, dragging the overall sharemarket down with it.
The benchmark NZSE-40 capital index lost 12.73 points to 1912.70, after touching 1910.64 -- its lowest point since October 2001 -- earlier in the day.
Turnover was subdued, with just 18 million shares worth $48 million
changing hands, compared with yesterday's $68 million figure.
The bourse has been struggling to shake off a general end-of-year malaise and weakness in Telecom -- the largest stock in the top forty index -- all week.
"Telecom just continues to drift," ASB Securities broker Stephen Wright said.
"There's been no good news about it. Even Telstra gets its recommendations downgraded all the time, and if Telstra's doing poorly in Australia then (Telecom's subsidiary) AAPT will be doing exceptionally poorly."
Telecom shed 9c to 443 today -- its lowest close in almost 14 months -- on shares worth $16 million.
Other stocks to lose ground today included The Warehouse, down a cent to 704; Lion Nathan Ltd, down 4c at 606; Ports of Auckland, off 4c to 625; Fisher and Paykel Healthcare, 5c lower at 1000; Tranz Rail, down a cent at 103; and Independent Newspapers Ltd which dived 14c to 288.
On the flipside, Westpac climbed 15c to 1430 after its parent Westpac Banking Corp, Australia's fourth largest bank, said today it still expected its earnings to grow by seven to nine per cent this year, amid market fears that the banks might have to trim their forecasts.
Not so lucky was ANZ Banking Group, which fell by the same amount to 1905 after it said it was still targeting 10 per cent earnings per share (EPS) growth in 2002/03 but warned its forecast was a stretch target.
Port of Tauranga added 14c to 440 after the world's second-largest shipping line said it will begin making calls to Tauranga in February, giving the port its first direct container service to Europe.
Mediterranean Shipping Company (MSC) has chosen Tauranga as its sole North Island port of call, largely because of its rail terminal in Auckland.
Shipping technology start-up Mooring Systems fell 5c to 110 after reporting a half year loss to the end of September of $273,000.
Other movers of note included Sky City, up 11c to 764; Sky TV, up 5c to 318; Carter Holt Harvey, down 3c to 172; Fisher and Paykel Appliances, up 10c to 1015; Baycorp Advantage, up 4c to 205; Auckland Airport, up 6c to 539; and Briscoe Group, down a cent to 265.
Falls outnumbered rises by 47 to 42 among the 133 stocks traded.
- NZPA
6.00pm
Telecom closed on its lowest for the year today, dragging the overall sharemarket down with it.
The benchmark NZSE-40 capital index lost 12.73 points to 1912.70, after touching 1910.64 -- its lowest point since October 2001 -- earlier in the day.
Turnover was subdued, with just 18 million shares worth $48 million
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