NZ stocks: Lack of interest sees market head lower

12.00pm

Lack of interest saw the sharemarket head lower today on the usual slight turnover typical of a Monday morning.

The NZSE-40 capital index was off 9.63 points to 1928.41, hovering just above 13-month lows. Turnover at 11.30am was worth just $15.5 million.

Lead stock Telecom, which last week also slumped to 13-month lows, and is largely responsible for the market's overall weakness, headed back down towards those troughs with a 4c fall to 461.

Number 2 stock Carter Holt Harvey was off 3c to 172.

Auckland Airport fell back 3c to 526 following its rally on Friday after it was announced Auckland City Council would sell half of its quarter stake and hang on to the rest for at least two years.

Contact Energy, which last week put out a profit warning saying an unusual market would hit income in the first quarter, fell 4c to 391.

Wrightson, which also last week issued a profit warning that said the cool spring would affect its result, fell 3c to 113 to add to Friday's 10 per cent drop.

Beleagured Tranz Rail dropped 4c to 94c, just 2c off its all-time low. The Wellington Regional Council is threatening to use buses for its subsidised regional transport unless it can get agreement with Tranz Rail.

Sky City, which on Friday announced its casino revenues in Auckland and Adelaide were steaming ahead, rose 8c to 760.

Among other movers, Cavalier rose 3c to 400, Pacific Retail rose 13 to 295, Restaurant Brands rose 4c to 140, and Richmond rose 10c to 250, while Fisher & Paykel Healthcare fell 5c to 1018.

In all, there were 33 rises and 39 falls among 112 stocks traded.

- NZPA