NZ stocks: 'Tired' market consolidates

12.00 pm

The sharemarket appeared to be taking a breather in morning trading today as other markets also paused following strong performances early in the week.

"I think it's just tired. It's had a jolly good run recently," said JB Were broker Murray Rutherford.

"All unsatisfied demand has worked its way through the system."

The NZSE-40 capital index was down 6.80 points at 2068.66 shortly after 11.30am on very light volume of $22 million.

Telecom was the main culprit for pulling the index down. It was down 3c at 507 but is still up around 23 per cent from a low six weeks ago. Trading in Telecom was worth $6.5 million.

Telstra was steady on 676 after the Commerce Commission gave its unit, TelstraSaturn, the okay to buy rival Clear Commissions. Fisher and Paykel Healthcare was down 47c to 1698 on turnover worth around $1 million. F&P Appliances fell 14c at 966.

Carter Holt Harvey fell 1c to 174, succumbing to profit taking while Fletcher Building fell 2c to 280.

Against the trend, Sanford was up 10c at 635, TrustPower was up 7c at 340 and Sky TV was up 5c at 365.

Wall Street finished mixed with the Dow off a few points and the Nasdaq up a few points.

- NZPA