KEY POINTS:
The New Zealand market sat tight today, consolidating recent gains as the blue chip stocks put in a mixed performance.
The NZSX-50 index closed down 2.98 points at 4191.66. Turnover totalled $95.9 million, with falls outnumbering rises 61 to 44.
"It's the start of the month, so there doesn't seem to be a lot of change in the outlook at the moment," Nigel Scott of ABN Amro Craigs said.
"The markets offshore have remained a little bit volatile ... with our local market not really reacting to that but maintaining current levels."
Larger stocks, such as Auckland Airport, were attracting new money and helping anchor the market, Mr Scott said.
A growing number of companies were the subject of corporate action, with Tourism Holdings recommending a takeover from an Australian company; Software of Excellence being approached by an unnamed potential buyer; Hellaby mulling the sale of its shoe retail chains; and Telecom expected to announce what it will do with proceeds from the Yellow Pages sale.
Telecom rose 7c to 490, after the Government overrode the Commerce Commission about regulating mobile phone charges, accepting offers from Telecom and Vodafone to lower them.
Tourism Holdings was down 2c at 272. The stock rose 47c yesterday in response to the surprise $277m takeover bid, but remained below the 280-per share cash offer.
Among top stocks, Contact Energy fell 13c to 898, Fisher & Paykel Healthcare rose 9c to 382, F&P Appliances rose 5c at 358, and Auckland Airport rose a cent to 249.
Fletcher Building was down 15c at 1125, having said today it had bought Australian company Eziform.
Hellaby was up 10c at 410, while SOE rose 5c to 265.
NZ Refining rose 15c to 682, Infratil gained 5c to 599 and Freightways was up 7c at 442.
On the other side, The Warehouse lost 3c to 693, Air New Zealand was down 5c at 278, and Lion Nathan was off 15c to 1000 after warning that the price of alcohol was on the way up.
NZX was down a cent at 1005, having reported a strong first quarter result late last week and a small rebound in trading for April.
The share market was also competing for funds with the high exchange rate and interest rates offering investors other opportunities, Mr Scott said.
- NZPA