NZ stocks: Shares head south, led by Telecom

Top stock Telecom continued to slide this morning, pulling the benchmark sharemarket index down with it.

Telecom fell 3c to 580 by 11.35am today, adding to the 8c dive it took on Friday. The 19 per cent rise in first quarter net profit the telco giant reported on Friday was in line with expectations and failed to inspire investors.

By 11.35am today, the NZSX-50 gross index had lost 4.78 points to 2868.22, while the NZSX-All capital index had fallen 1.76 points to 948.30.

Trades were fairly balanced, with 26 rises and 29 falls among the 120 stocks traded. Total market turnover in the time was worth $30.2 million, of which Telecom accounted for $17.8m.

Also on the way down this morning was retailer group Briscoe, which fell 3c to 137. The group today announced a 2.67 per cent fall in same-store third quarter sales, led down by sports franchise Rebel Sport. Briscoes Homeware's same-store sales rose 3.22 per cent for the quarter, while Rebel Sport's same-store sales fell 14.48 per cent.

Fellow retailer The Warehouse was down 3c at 404, ahead of its quarterly sales report.

Restaurant Brands, which was ex-dividend 4.5c, was down 7c to 131.

Fisher & Paykel Healthcare was up 4c at 314, ahead of its half year result due out Wednesday.

Other stocks on the move by 11.35am today included: Fisher & Paykel Appliances down 2c at 418, Fletcher Building up 2c at 565, Tower down 4c at 240, and Contact Energy down 2c at 616.

- NZPA