KEY POINTS:
The benchmark share index drifted lower in a quiet start to the session's trading today.
At 10.10am, the NZSX-50 index was down 4.70 to 4304.30, on turnover valued at $42 million.
There were 22 rises and 11 falls among the 77 stocks traded.
Top stock Telecom was down 3c to 485, sticking to its recent range. No. 2 stock Fletcher Building was unchanged on 1290 after losing 13c yesterday.
Sky TV was one of the few leaders to move, off 5c to 565.
Steel & Tube was down 7c to 450.
Mainfreight was unchanged on 710 after it reported a record $55.6 million March year net profit, up 91 per cent on a year earlier thanks largely to a $19.2m abnormal gain. Its fourth quarter was up to $10.6m from $10m.
Pod was unchanged on 44c after it said LWR Manufacturing had expressed an interest in making a takeover offer at 50 cents per share. The offer values Pod at $22.5 million.
Allied Workforce was up 7c to 125 despite announced its March year net profit slumped 43 per cent to $1.7m. That was not as bad as expected.
There were some other big moves among the smaller stocks. Software of Excellence was up 11c to 271, SouthPort was up 15c to 230, and Mr Chips up 10c to 120.
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On Wall Street, US stocks ended higher, helped by a wave of takeover news involving tech companies such as Avaya Inc, but China's move to cool off its skyrocketing stock market limited Wall Street's broader advance and raised concern about a global equity sell-off.
The Dow Jones industrial average edged up 14.06 points to end at 13,521.34. The Standard & Poor's 500 Index inched up 2.38 points to close at 1,518.11 while the Nasdaq Composite Index rose 14.87 points to finish at 2,572.06.
- NZPA