Fletcher Energy one of few bright spots

The sharemarket trod water in dull trade yesterday with Fletcher Energy the only noteworthy mover.

"The market was pretty quiet," said Peter Lynds at Cavill White Securities. "Fletcher Energy regained some ground on the back of Shell's interest in the company. It was up 10c at 720, having been up to 730 at one stage.

"Telecom was reasonably steady on the day."

Fletcher Energy was the most active stock with $19.8 million worth of its shares traded. Telecom ended unchanged at 730 with $19.4 million worth of shares changing hands.

Other Fletcher Challenge stocks were mixed with Paper, which contributed $16.8 million, up 1c at 249, Forests off 1c at 84 and Building steady at 246.

"There was a bit of selling coming through in the likes of The Warehouse - down 7c at 553." said Mr Lynds.

The benchmark NZSE-40 capital index closed just 0.98 of a point, or 0.05 of a per cent, lower at 2100.81 on moderate total turnover of $99 million.

It was almost a photofinish among the movers, with risers just passing decliners by 51 to 50 among the 151 stocks traded.

Carter Holt Harvey eased 1c to 185, Contact Energy 2c to 288 and AMP 57c to $21.80. Fisher and Paykel continued to lose ground following its recent strong run, shedding 20c to 705.

Of the gainers Lion Nathan grew 7c to 492, Sky TV 5c to 415 and Brierley Investments 1c to 37.

Baycorp unwound 10c to $11.50, Nuplex Industries 7c to 298 and Advantage Group 5c to 260.

GDC Communications halted its recent surge with a 10c loss to 420.

Smaller companies also went nowhere, with their capital index off only 1.31 points, or 0.02 of a per cent, at 5293.97.

- NZPA