The New Zealand sharemarket ended a lacklustre Monday session lower but brokers said it outperformed other markets in Asia.
The benchmark NZX-50 index closed down 8.508 points, or 0.271 per cent, at 3128.673. Turnover was worth $54.4 million. There were 36 rises and 43 falls among the 121 stocks traded.
Stuart Hardie, investment adviser at ABN Amro Craigs, it was a lacklustre session. Volume was low and the index fluctuated in a narrow range.
"There is no real news out today. The market is in a holding pattern waiting for mergers and acquisition activity or something to kick it along."
Horizon Energy was notified of a partial takeover offer today from Marlborough Lines but the stock is rarely traded and did not trade today.
Air NZ fell 4c to 121, which reflected it going ex-dividend, and Steel & Tube, which also went ex-dividend today, fell 16c to 339.
Among leading shares, Telecom was unchanged at 272, Fletcher Building fell 4c to 791 and Contact Energy fell 5c to 601.
Tourism Holdings rose 3c to 62, NZOG rose 5c to 166 and Rakon rose 4c to 139.
SkyCity rose 5c to 333, Mainfreight rose 7c to 520 and NZX rose 5c to 790.
Retailers showed little reaction to Statistics New Zealand's report that retail sales were down in July. Michael Hill rose 1c to 76, Hallenstein Glasson fell 1c to 297. Briscoes rose 2c to 120 and The Warehouse fell 3c to 422.
Fisher & Paykel Appliances fell 1c to 77 and the healthcare stock fell 5c to 332.
Most Asian stock markets retreated Monday, with Tokyo's benchmark sliding more than 2 per cent at one point.
- NZPA
