KEY POINTS:
The New Zealand sharemarket paused for breath today, with profit-takers swooping on selected stocks.
The NZSX-50 index fell just 0.3 per cent or 12.77 points to 4179.89. Total turnover was a moderate $126 million.
"People are just absorbing the week's news," ABN Amro Craigs retail equities adviser Nigel Scott said.
Investors were getting confirmation of tougher trading forecasts, he said.
"There have been half a dozen results that have shown companies have just come off the top as far as their domestic order books and a bit of margin contraction, through either high costs, currencies or lower demand."
The latest example was Steel & Tube, off 13c to 445 today after it reported a 17 per cent fall in interim profit yesterday due to a slower economy and high New Zealand dollar.
Dental and medical company Ebos also felt the sting of disappointed investors. It lost 25c to 540 after reporting that its net after tax interim profit was down 18 per cent to $3.8 million - in line with expectations.
Many other stocks were in the negative including Contact Energy, down 5c to 882, Fletcher Building down 3c to 1092, the Warehouse down 5c to 703, and Telecom down 4c to 507.
Recent interest in Telecom eased in the light of positive forecasts from Telstra yesterday, and as investors waited for the execution of certain Telecom strategies . Telstra was flat at 505 today.
Stocks on the rise included Cavalier, up 7c to 350, Wellington Drive up 10 per cent or 5c to 53, Renaissance up 6 per cent or 9c to 150 and Tower, up 7c to 265.
Infratil was flat at 580 ahead of Monday's third quarter result. Property For Industry shares rose 3c to 152 after the industrial property investor today reported a 4 per cent rise in annual net profit after tax but before revaluations.
Overall, falls outnumbered rises 53 to 48 on 150 stocks traded.
Across the Tasman, the Australia stock market was also in consolidation mode after touching the 6000 point milestone yesterday.
Australia's benchmark S&P/ASX 200 Index was down 24.8 points or 0.4 per cent at 5,968.0 by 0244 GMT (3.44pm NZT).
In the US stocks rose slightly, driving the Dow Jones industrial average to yet another record close, boosted by news of a 27-plane order for Boeing Co and share-buyback plans from Caterpillar Inc.
The Dow Jones industrial average rose 23.15 points, or 0.18 per cent, to end at 12,765.01.
- NZPA