Shares in top stock Telecom fell 9c in early trading to $2.65 following announcements on mobile regulation by the Commerce Commission.
Shortly before the market opened the commission said it was to investigate whether the price of national mobile roaming should be regulated.
It also said that in a draft report it had recommended mobile termination prices be regulated.
Telecom's fall helped pull the whole market down, with the benchmark NZX-50 index down 4.85 points around 10.15am to 2770.27, erasing yesterday's modest 4.5-point gain.
Pumpkin Patch shares rose 16c to $1.51, after the company said it was to close 20 of its 35 stores in the United States.
Other shares rising early included Auckland Airport, up 3c to $1.61, Sky City up 3c to $2.67, and The Warehouse up 3c to $3.75.
Shares up 2c included Freightways to $2.85, Mainfreight to $4.27, NZ Oil & Gas to $1.58, Nuplex to $1.50, Restaurant Brands to $1.04, and Sky TV to $4.24.
Early falls included Sanford down 10c to $5.40, Trustpower down 5c to $7.65 and Tower down 4c to $1.76.
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United States stocks rose as higher oil prices lifted shares of energy companies.
The Dow Jones industrial average gained 1.1 per cent to end at 8529.38, the Standard & Poor's 500 Index was up 0.9 per cent at 927.23, and the Nasdaq Composite Index was up 0.3 per cent at 1844.06.
- NZPA
<i>NZ shares:</i> Regulatory talk drives down Telecom
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