KEY POINTS:
The sharemarket slipped today as other markets around the region also fell, with a Commerce Commission draft decision on Vector and Powerco helping chill stocks.
The NZSX-50 index closed down 27.89 points, or 0.6 per cent, at 4299.98, having ended yesterday's session just 10 points shy of a record high.
Turnover totalled just $95.5 million, as the school holidays and an exodus of people to the Rugby World Cup in Europe dampened activity.
Lower volume also reflected the end of reorganising of the global MSCI indexes, which had helped boost turnover around the start of October, said Nigel Scott of ABN Amro Craigs.
"There is money being reinvested from the two or three corporate issues - Auckland Airport, Sky City and The Warehouse ... but overall I think the market is range trading at the moment."
Top-10 lines company Vector was down 10c at 237 after the Commerce Commission said today in a draft determination it would impose 15 per cent price reductions on its gas distribution business.
"I think it might have surprised the market a little bit, and people always have a bit of a `if it's happened there, will that also happen to any other asset or industry player'," Mr Scott said.
Vector had earlier plunged to a nearly 10-month low of 233.
Fellow energy stock Contact Energy was down 15c at 935, although that was more likely to be profit-taking after recent strong gains.
Also lower was utilities investor Infratil, down 5c at 298.
Top stock Telecom, which affirmed its guidance of a 5 per cent to 8 per cent drop in annual profit at its annual meeting in Dunedin today, was down a cent at 457.
Fletcher Building fell 27c to 1251, Auckland Airport was down 3c at 312, Sky City was 3c lower at 536, Fisher & Paykel Appliances fell 5c to 353, and F&P Healthcare lost 3c to 327.
Also lower were Hallenstein Glasson, down 4c to 456, carpet company Cavalier, down 8c at 320, ING Property, down a cent at 116, and Ebos, off a cent at 515.
Air New Zealand was up 2c at 238, Freightways rose 6c to 388, Mainfreight was up 17c at 692, Michael Hill was up 5c at 1180, and Methven rose 10c to 250.
Among dual-listed stocks, ANZ was flat at 3550, Westpac fell 43c to 3375, AMP was up 15c at 1235, and Lion Nathan lost 15c to 1075.
- NZPA