KEY POINTS:
The sharemarket drifted for a second consecutive session in line with weaker European and Australian markets.
The benchmark NZSX-50 closed down 15.42 points or 0.3 per cent at 4285.14. Falls outnumbered rises by 65 to 38 among the 142 traded and turnover was worth $126 million.
Grant Williamson, a partner at Hamilton, Hindin Greene, said volumes were light and performances were mixed.
"There's just not much coming off the newswires at all so investors are once again concentrating on the domestic economy with the high interest rates and the high currency."
In-play stock Auckland Airport drifted 4c today to 321.
"I think that's because one or two investors are losing patience. They're really expecting the directors to come out and make some sort of statement to clarify what they said about looking to enhance value through opportunities for shareholders."
But corporate action in the airport is stirring interest in other utility stocks including Port of Tauranga up 21c to 720, Northland Port Company up 6 per cent or 20c to 340, and Lyttelton Port Company, which hit a new high of 250 before easing back to a flat 248.
"A lot of brokers have come out with reports on that, and regarding what the new accounting standards will mean for the port companies," Mr Williamson noted.
Another utility, Trustpower, rose 5c to 850 as it announced interim resource consent approval for a small hydro project in Marlborough.
Contact Energy, which got the nod today to build a hydro project in central Otago today, fell 5c to 905.
As the New Zealand dollar hit a new post-float high, export related stocks came under pressure such as Fisher & Paykel Healthcare, down 2c to 345, and Pumpkin Patch, down 3c to 355.
Market leaders also tumbled: Fletcher Building slid 8c to 1270, and Sky City edged down 4c to 501, as did Telecom to 459.
Telecom is expected to announce its new ceo at the end of the month and Mr Williamson said it would have to be a very good appointment to revive the share price.
"It's broken under its recent trading band and you have to say, we could expect a bit more downside in that stock next week."
MFS Living and Leisure, which is trying to snap up Tourism Holdings, listed on the stock exchange today at 110.
Other moves included Nuplex up 15c to 715, Tenon up 14c or 6 per cent to 260, Dorchester Pacific down 14c or 7 per cent to 170, Cavalier down 10c to 225 and Pyne Gould Corporation down 9c to 455.
- NZPA