Sharemarket quiet in October

New Zealand sharemarket activity dipped in October compared with last year. Market operator NZX said transaction volume and value was higher last October due to strong trading fuelled by the takeover of Powerco by Australia's Prime Infrastructure.

Average daily trades this October fell 7 per cent on last year to 2627. The total value of trades in October was $2.3 billion, in line with last year, but the average daily value of trades fell 4 per cent to $113 million.