KEY POINTS:
New Zealand shares were down yesterday, in contrast to other markets which have bounced back from delayed reaction to ongoing credit concerns.
The benchmark NZSX-50 index closed down 5.77 points at 4135.43 on light turnover totalling $89.4 million. There were 33 rises and 72 falls.
"The market is off only five points, so it's holding up quite well considering there's still quite some volatility in those offshore markets, some of those credit crunch concerns resurfacing particularly in the US banking scene," said Hamilton Hindin Greene partner Grant Williamson.
"On the local board, we've still got a few stocks under pressure."
Top stock Telecom reversed earlier weakness to close up 3c at $4.20, as bargain hunters made the most of lower prices after the telco's disappointing quarterly profit result on Friday. Telecom had also had bad publicity in having its internet service, Xtra, rated worst in a broadband user survey.
Among the other blue chips, Fletcher Building was down 4c at $11.46, having lost 18c on Monday. The stock recovered from a 2 1/2-month low of $11.20 earlier in the session.
Contact Energy was up 3c at $8.99, Fisher & Paykel Healthcare was down 4c at $3.19, F&P Appliances lost 4c to $3.43, and Auckland Airport rose 2c to $2.91.
Takeover target SkyCity was up another 3c to $5.50 after gaining 8c yesterday. The Warehouse fell 14c to $5.40 to add to Monday's 11c loss, as investors apparently tried to second guess a court appeal by Foodstuffs and Woolworths to overturn a Commerce Commission ban on takeover bids.
Australia's benchmark index rose 0.7 per cent to 6625.4, and Japan's Nikkei average was virtually flat.
Earlier on Wall Street, US stocks pared losses to trade nearly flat.
- NZPA
