NZ stocks: Top stocks pull sharemarket into the red

The benchmark sharemarket index ended the week in the red today, led south by dips in the top three stocks.

The NZSX-50 gross index fell 1.02 points or 0.04 per cent to 2590.05, while the NZSX All capital index was down 0.55 points or 0.06 per cent at 875.99.

Top stock Telecom fell 5c to 575c, number two stock Carter Holt was down 3c to 218c and Contact Energy slipped 2c to 548.

Telecom's $52.1 million turnover dominated the market's total turnover for the day of $113.2 million.

ABN Amro Craig's Bryon Burke said trading was pretty quiet today, with much of the volume accounted for in pre-market trading.

"It's not unusual for this time of the year to be quiet. Lot's of companies have already had their reporting season and we've seen a lot of companies already go ex-dividend," he said.

Despite a disappointing showing from the big guns, there were more ups than downs in the market today, with the 65 rises outpacing the 40 falls in the 150 stocks traded today.

Fletcher Building continued to defy a call this week by brokerage firm Macquarie that the company would decline as a result of lower immigration and less Government infrastructure building.

Fletcher Building rose 9c to 455c.

The Australian clothing and homewares maker Pacific Brands listed on both the New Zealand and Australian stock exchanges today.

Mr Burke said the bulk of the company's stocks were traded in Australia and price movements here reflected the pace set across the Tasman.

The company's New Zealand listing price was 295. The stock reached 300 shortly after it began trading this afternoon, but eased back to 296 by the close of day.

Stocks on the rise included Auckland International Airport, up 1c to 676c.

Also on the up was Lion Nathan, with a rise of 7c to 702, Independent Newspapers up 5c to 480, Infratil up 6c at 280, Cavalier up 10c to 502, Fisher & Paykel Healthcare up 9c at 1219 and Turners Auction up 5c at 445.

On the downside Waste Management fell 10c to 430, NZX 10c to 855, Pyne Gould 10c to 560 and Freightways down 2c to 225.

- NZPA