KEY POINTS:
The sharemarket followed overseas markets and took a breather today from yesterday's record high.
The NZSX-50 index closed down 0.6 per cent or 27.9 points to 4305.25. Total turnover was a high $185 million.
"When a day of profit-taking happens, the momentum takes just about everything down. The whole of Asia's down, Aussie's down... (and) a lot of stocks like your Fletcher Buildings have had a good run," ASB Securities head of advisory Stephen Wright said.
Falls included market darling Rakon, which yesterday hit a record high on positive sentiment, but closed down 7c to 560 today.
Another star performer, Fletcher Building, retraced 17c to 1310 after being pushed up 62c yesterday in the wake of its buyout of Formica.
Market leader Telecom was up a cent to 491 ahead of Monday's 7c dividend payout.
Dual-listed APN News and Media ended down 8c at 650 after shareholders rejected a takeover bid by major shareholder INM.
Among the few stocks in positive territory today were Contact Energy up 1c to 888, Tower up 6c to 240, and NZX up 25c to a record high of 1045.
Mr Wright said NZX appeared to be benefiting from a positive report about new listings in a financial magazine today.
Tower was also riding high on yesterday's good result. " They're involved in the sexy sector, financial services, they're a default provider for KiwiSaver... In general, the last three or four results have all been better and better."
The resilient New Zealand dollar still appeared to be blighting currency sensitive stocks like Sanford down 16c to 437, Fisher & Paykel Healthcare down 11c to 355, and F&P Appliances down 2c to 377.
Freightways was down 13c to 425, and profit-takers appeared to be taking the edge off SkyCity's recent bull run, off 3c today to 516.
The Warehouse lost 9c to 646 after another postponement of the Commerce Commission's decision on allowing Woolworths and/or Foodstuffs to make a takeover.
Life Pharmacy was down a cent to 70c as it confirmed a forecast of an annual net loss of $6.6 million including hefty writedowns.
Eftpos company Provenco recovered 5c to 77 after shedding 18c yesterday following a profit warning.
The day's best performer was Pod, up 10c to 48c after it said yesterday it had received two unsolicited offers, one a full takeover.
Falls outnumbered rises 80 to 37 on 162 stocks traded.
In Australia, shares were down 0.5 per cent in mid-afternoon trading after strong US housing data further dimmed the chance of a rate cut in the world's biggest economy, and a fall in metals prices hit mining firms.
In the US, stocks ended lower as investors took profits following data that signalled strength in the econom y.
The Dow Jones industrial average fell 82.57 points, or 0.61 per cent, to end unofficially at 13,443.08. The Nasdaq Composite Index was down 39.30 points, or 1.52 per cent, to close unofficially at 2537.75.
- NZPA