NZ stocks: Sharemarket retreats from yesterday's highs

The sharemarket retreated from yesterday's record high to close slightly down today.

By the 5pm close the benchmark NZSX-50 gross index was down 0.55 points to 2548.22. The NZSX-All capital index fell 0.58 points, to 894.41.

Market leader Telecom slipped 1c to 578 on volume worth $33.4 million.

ABN Amro broker Matt Willis said although the market was marginally softer today, the general trend still looked positive.

"It looks like the market was just taking a bit of a breather today," Mr Willis said.

Total turnover for the day was worth $86.8 million. Of the 157 stocks traded there were 60 rises and 53 falls.

Carter Holt Harvey fell 5c to 216 as the market absorbed yesterday's $38 million first-quarter profit, which was down slightly on expectations.

Auckland International Airport continues to hold favour with investors, adding another 15c to yesterday's 12c gain to hit 685.

Other major stocks heading north included Contact Energy, which rose 5c to 578, adding to the 15c it gained over the previous two days.

Mr Willis said investors seemed to be refocusing on the positive fundamentals of the energy stock, rather than the looming sell-off of Edison Mission Energy's stake in the company.

Also on the up was Michael Hill Jeweller, up 5c at 600, Infatril up 4c at 295, Sanford up 10c at 500, The Warehouse up 5c at 433, Sky City Entertainment up 4c at 450, Sky Network TV up 1c at 523, Lion Nathan up 6c at 725, fisher & Paykel Healthcare up 12c at 1257, Cavalier up 5c at 495 and Promina up 14c at 440.

On the downside, Waste Management's strong run came to an end today, with the stock sliding 2c to 450, after rising 17c over the previous two days.

Wood processor Tenon fell 3c to 194, Mooring Systems fell 25c to 365, Ports of Auckland down 5c at 730, Air New Zealand down 2c at 43, Freightways down 9c to 225 Fletcher Building down 3c at 460 and stock exchange operator NZX down 5c to 960.

- NZPA