KEY POINTS:
The New Zealand sharemarket recovered from early lows, but ended on a slightly negative note as the New Zealand dollar continued to decline.
The benchmark index had risen early following yesterday's 1 per cent decline, after getting mild reassurance from global markets that a major meltdown was not underway. However, the NZSX-50 index closed down 4.48 points, or 0.1 per cent, at 4065.68 on turnover totalling $209.1 million.
"Overall, the profit-taking continues on this market," said Hamilton Hindin Greene partner Grant Williamson.
"It does appear to be small foreign selling into the marketplace, there does not appear to be too much domestic selling, and I think once again it's due to the outlook for the NZ dollar as it continues to trend down."
An unexpected fall in second quarter retail sales helped push the NZ dollar to an 11-week low of US73.19c, losing 1 US cent in 24 hours.
"That is helping one sector on the market, the export sector, but besides that stocks remain under a fair degree of pressure," Mr Williamson said.
One bright spot on a dull day was whiteware manufacturer and exporter Fisher & Paykel Appliances, which rose 11c to 357.
Telecom was up a cent at 429, Fletcher Building shed 10c to 1198, Contact Energy fell 2c to 903, and F&P Healthcare lost 5c to 343.
Sky City was down 5c at 450, and Sky TV also lost 5c, to 543.
Takeover target Auckland Airport was down a cent at 310. Air NZ, which has taken a claim over the airport company's landing charges to court, rose 6c to 246, recovering from yesterday's four-month low.
Infratil, part of another landing charges dispute with Air NZ through its stake in Wellington Airport, was down 2c at 290.
Among retailers, Michael Hill was flat at 920, Hallenstain Glasson was down 5c at 455, Pumpkin Patch rose 2c to 337, and Briscoe Group fell a cent to 155.
Wellington Drive Technology were up 4c at 36 after the small motor manufacturer received a major order from a United States customer.
Hellaby Holdings was up 8c at 318, financial services company Tower lost 5c to 211, and BIL International was up 8c at 138.
Fish exporter Sanford, another beneficiary of a lower currency, recovered from 18-month lows to add 8c to 410, and fellow exporter Rakon was up 5c at 480.
Among dual-listed stocks, ANZ fell 18c to 3232, Westpac lost 24c to 2960, Goodman Fielder was up 6c at 280, Lion Nathan rose 10c to 1010. APN News & Media, owner of the New Zealand Herald, was down 25c at 635 after posting modest first half net profit growth of 0.5 per cent.
- NZPA