KEY POINTS:
New Zealand shares dipped today in flighty trading at the end of a fairly quiet week.
The NZSX-50 index, which yesterday lost 0.6 per cent, was down 15.93 points or 0.4 per cent at 4284.05. Turnover was an unimpressive $109.7 million, and falls outnumbered rises 53 to 35.
Top stock Telecom, which returned $1.1 billion to shareholders today and cancelled one share in nine, fell a cent to 456. Shareholders received 488 for every cancelled share.
The company yesterday reaffirmed its lower earnings guidance, and new CEO Paul Reynolds said he had no intention to sell off the network.
Sky City rose 3c to 539. The Australian Financial Review said today that private equity group TPG was in the lead to buy the casino operator after Providence Equity Partners did not make a bid.
Second-ranked Fletcher Building fell 31c to 1220, continuing its pattern of large moves in either direction.
Contact Energy was steady at 935, Fisher & Paykel Healthcare was up 7c at 334, F&P Appliances rose 2c to 355, and Auckland International Airport lost 3c to 309.
Energy distribution company Vector was up a cent at 238, having lost 10c yesterday after the Commerce Commission said in a draft determination it would impose 15 per cent price reductions on its gas distribution business.
"The decision really only impacts on a small amount of their revenue, although there was a few cents of share price weakness that was justified," said Andrew Kelleher of ASB Securities
Among stocks to decline, The Warehouse lost 7c to 537, Ebos was down 11c at 504, Air New Zealand lost 2c to 236, and Rakon was down 4c at 480. Pumpkin Patch fell 5c to 305, and Hallenstein Glasson was down 6c at 450.
Guinness Peat Group rose 2c to 195, Port of Tauranga gained a cent to 696, Tourism Holdings was up a cent at 237, and Trustpower rose 9c to 870.
NZ Refining was down 9c to 781 on lower oil prices and refining margins.
Dual-listed stocks posted bigger gains, with ANZ up 40c at 3590, Westpac 25c higher at 3400, Lion Nathan up 20c at 1095, and AMP up 15c at 1250.
- NZPA