The New Zealand sharemarket dipped today after a fall on Wall St overnight and a surge in the local currency.
By 5pm the NZSX-50 gross index was down 15.5 points or 0.67 per cent to 2293.45 while the NZSX-40 capital index was down 19 points or 0.87 per cent to 2191.14.
Turnover
today of $72 million was half that of yesterday's session.
The market had turned in a "pretty weak" performance, Direct Broking's Ken Allen told NZPA.
Apart from the fall last night on Wall St, where the Nasdaq Composite Index dropped 2.2 per cent and the Dow Jones industrial average sank 1.5 per cent, the local market's major problem was the strength of the New Zealand dollar, he said.
The kiwi pressed to fresh six-year highs today and closed at US60.98c. "That's affecting Telecom," Mr Allen said.
"With the currency being so high, it's bringing offshore sellers around in Telecom."
By 5pm Telecom was down 4c to 492.
The rising currency also weighed another lead stock -- wood products and forest company Carter Holt Harvey -- despite it posting its best quarterly profit for three years.
"People have forex worries there in terms of when their hedging runs out, what the forward looking position will be for them."
Carter Holt Harvey closed 5c lower at 178.
Mr Allen said some offshore selling was also seen in Waste Management which ended the session 6c lower at 378.
Meanwhile Air New Zealand shares closed 4c lower at 49 after the Commerce Commission declined to approve the airline's proposed alliance with Australian rival Qantas.
Elsewhere, Mr Allen said the market was fairly steady.
"I think you're seeing a little bit of consolidation in the rest of market," he said.
On the upside Sky City showed some strength moving ahead 3c to 869 and Steel and Tube Holdings gained 15c to 395 after yesterday announcing a 10c special dividend at its annual meeting.
Other stocks to rise today included: 42 Below up 2c to 38, Ebos 5c to 335, Fisher & Paykel Appliances a cent to 1500, Lyttelton Port 3c to 170, NZX a cent to 466, Postie Plus 2c to 121, Promina 3c to 380, Telstra 2c to 559, and The Warehouse a cent to 585.
Stocks to fall included: AMP down 4c to 746, Auckland Airport 3c to 647, Briscoe Group a cent to 194, Contact Energy 6c to 501, Fisher & Paykel Healthcare 10c to 1235, Pacific Retail Group 5c to 265, Sky TV 2c to 490, and Tranz Rail 4c to 121.
Falls outnumbered rises 60 to 35 on 140 stocks traded today.
- NZPA
The New Zealand sharemarket dipped today after a fall on Wall St overnight and a surge in the local currency.
By 5pm the NZSX-50 gross index was down 15.5 points or 0.67 per cent to 2293.45 while the NZSX-40 capital index was down 19 points or 0.87 per cent to 2191.14.
Turnover
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