The sharemarket edged lower in very quiet morning trade in part as investors realised profits on a number of stocks, a broker said.
Shortly after 11.30am, the benchmark NZSX-50 was down 2.89 points at 3174.79. The NZSX-All capital index was down 0.67 of a point at 998.31.
Contact Energy was down 7c at 750, and market heavyweight Telecom unchanged at 608c after earlier being up 2c.
Morning turnover was $31.2 million, including $14.8m worth of Telecom.
There had been $4.7m worth of Westpac traded, the bank's shares up 3c at 2115.
Appliance maker Fisher & Paykel Appliances shed 4c to 342 amid speculation competition in the United States market might be heating up.
F&P Appliances' Chinese rival Haier looks set to get a larger foothold in the lucrative US market with a bid to take over Maytag Corporation.
But Hamilton Hindin Greene broker Grant Williamson said F&P Appliances' share price was more likely driven by institutional profit taking, which was affecting a number of stocks today.
"It's just a quiet day and there's not much going on," Mr Williamson told NZPA today.
"When the Australian market opens that may provide some direction," he said, adding offshore bourses had turned in mixed overnight performances.
Fletcher Building was on the up, gaining 3c to 683 on slim volume. Fellow building sector stock Steel & Tube was down 1c at 453.
Beleaguered carpet maker Feltex was steady on 43c, still vastly below its June 2004 initial public offering price of 170c.
"It's encouraging to see that the (share price) slide has apparently stopped," Mr Williamson said.
Rival Cavalier was up 2c at 372.
In the retail sector, Briscoe Group was up 1c at 127, Pumpkin Patch gained 4c to 274, Hellaby was up 2c at 579, but Michael Hill International was down 4c at 760.
Insurer AMP was down 6c at 726, while financial services firm Tower shed 1c to 207.
Other shares on the move included: Infratil down 5c at 362, Lion Nathan up 3c at 815, NGC Holdings down 3c at 354, NZX up 5c at 795, Restaurant Brands up 1c at 167, Sky City down 3c at 452, and Tenon up 3c at 398.
There had been 114 stocks traded so far today, among them 31 rises and 22 falls.
- NZPA
<EM>NZ stocks:</EM> Market edges lower in morning trade
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