KEY POINTS:
The New Zealand sharemarket edged lower today with top stock Telecom giving up more ground.
The benchmark NZSX-50 index closed down 11.34 points at 3333.90. There were 33 rises and 48 falls and turnover was worth $99.47 million.
On Friday Telecom shares lost 28c, or 7.6 per cent, to 340 after the company reported its operating surplus from continuing operations fell 15.5 per cent to $713 million for the year to the end of June.
Since then the stock has failed to get back above 350 and today it shed another 10c to 328.
"Telecom remains under significant pressure at the moment. Investors are still disappointed with the result, guidance and dividend yield going forward," said Grant Williamson, a director at Hamilton Hindin Greene.
Fletcher Building shares rose 16c to 674. Mr Williamson said there was still uncertainty about the company's profit outlook in the wake of its result but on fundamentals investors were currently keen to acquire the stock.
Opus rose 3c to 185 after reporting first half net profit 38 per cent to $9.1 million.
Otherwise exporters were a bit weaker as the New Zealand dollar rebounded from its mid-week plunge. Rakon, up 9c yesterday, was back down 4c to 310, but Sanford rose 5c to 605.
Fisher & Paykel Healthcare was down 3c to 290 and the appliance stock was unchanged at 208.
Auckland Airport fell 3c to 202 and Mainfreight was unchanged 700. NZ Refining rose 15c to 695 and Pumpkin Patch eased 2c to 158.
New Zealand Farming Systems Uruguay was unchanged after posting a net after tax profit of US$1.6 million ($2.3m) for the year to June 30.
Sky TV rose 13c to 501 on good volume.
In the US, stocks fell as persistent concerns about the credit crisis hurt bank shares, while a rebound in oil prices and weak outlooks at some retailers raised anxieties about consumer spending.
The Dow Jones industrial average fell 0.94 per cent to 11,532.96, while the Standard & Poor's 500 Index slipped 0.29 per cent to 1285.83. The Nasdaq Composite Index was down 0.08 per cent at 2428.62.
- NZPA