The New Zealand sharemarket took its lead from weaker offshore markets but was again quiet today.
The benchmark NZX50 index closed down 9.664 points, or 0.308 per cent, at 3127.641. Turnover was worth $88.9 million. There were 33 rises and 45 falls among the 118 stocks traded.
The fall came
after the US market fell on Tuesday on disappointing corporate news, and on worries about the strength of the global economic recovery and debt levels in many countries.
The New Zealand market is quiet ahead of the holiday season and investors are waiting for tomorrow's Reserve Bank of New Zealand (RBNZ) monetary policy statement.
But government announcements are continuing with decisions on electricity sector reforms announced today.
Stephen Wright at ASB Securities said it was difficult to tell if price movements in listed energy companies were a reflection of the thin market or the confirmation that lines companies will be able to compete against electricity retailers.
Contact Energy fell 7c to 583 and Vector fell 2c to 192. TrustPower was unchanged at 730 and its shareholder Infratil was unchanged at 165.
"We are just drifting as we would tend to be leading up to Christmas. It has just got quieter earlier this year," Mr Wright said.
SkyCity fell 6c to 328, Fisher & Paykel Healthcare fell 3c to 339 and The Warehouse fell 3c to 412.
Also declining were Telecom down 1c to 236, Telstra 2c to 438, SkyTV 4c to 470, NZOG 2c to 177, Methven 2c to 168 and Sanford 1c to 482.
Fisher & Paykel Appliances rose 1c to 59 and Air NZ rose 2c to 119. Cavalier rose 4c to 254 and Tourism Holdings rose 1c to 72. NZ Refining rose 5c to 420 and Mainfreight rose 4c to 559.
NZX continued its strong run, rising 7c to 860 on very light volume.
Ebos rose 5c to 565 and Hellaby rose 1c to 161.
The Dow Jones industrial average fell 104.14 points, or 1 per cent, to 10,285.87, the Standard & Poor's 500 Index fell 11.31 points, or 1.03 per cent, to 1091.94 and the Nasdaq Composite Index shed 16.62 points, or 0.76 per cent, to 2172.99.
McDonald's reported disappointing sales and 3M released a weaker-than-expected outlook.
- NZPA
