KEY POINTS:
The sharemarket ended negatively today despite a high turnover boosted by pre-market crossings.
The NZSX-50 benchmarket index edged down 2.8 points or 0.07 per cent to 4060.00 on total turnover of $226 million .
ABN Amro Craigs broker Bryon Burke said the crossings were a hangover from Friday's exceptionally heavy trading around the MSCI index re-ratings.
"But certainly, during the course of the day it's been fairly light on the market, and kind of directionless."
Among the leaders, Telecom gained 6c to 438, Contact fell 15c to 855 and Fletcher Building slid 20c to 1165, continuing its descent after weak residential building data on Thursday.
"Maybe sentiment has changed for the short-term for Fletcher Building , although from a fundamental point of view, the company's forward contracts have really locked in earnings over the medium-term anyway," Mr Burke said.
Topping the turnover by value was Sky TV, down a cent to 555 on $37 million worth of shares.
Trading was also strong in F&P Healthcare, up 5c to 320 on turnover worth $32 million , possibly on index changes, while Mainfreight fell 5c to 710 on $10.5m worth of shares.
Healthcare company Abano was unchanged at 470 after announcing a 35 per cent rise in half year net profit and signalling a stronger second half result.
Another in-play company, the Warehouse, added another 2 per cent to its stock price, up 14c to 635 . The stock jumped 20 per cent on Thursday when the High Court overturned a Commerce Commission decision blocking takeover bids from Foodstuffs and Woolworths.
"People still think there's plenty of upside from here. It's all corporate activity, nothing to do with fundamental value," Mr Burke noted.
Auckland Airport and Sky City continued to struggle as investors waited for signs of further takeover activity. AIA slid 3c to 281 and Sky City rose a cent to 480.
Other moves included Hallenstein Glasson, down 14c to 420, Hellaby, down 16c to 235, and Trustpower off 22c to 855.
NZOG gained a cent to 110 as its Kupe investment took another step towards production.
Speciality wood products firm Tenon was flat on 150 and its parent Rubicon was up a cent to 92 as the company told its annual meeting that future prospects were good.
Rises narrowly outnumbered falls 58 to 56 on 145 stocks traded.
- NZPA