KEY POINTS:
New Zealand's sharemarket fell today amid general weakness in top stocks, following the direction set by other markets.
The NZSX-50 benchmark index lost 0.3 per cent, or 12.93 points, to 4312.17, on turnover totalling a slender $87.3 million.
"The New Zealand market edged lower following on the lead from overseas, however, due to volumes being quite light we haven't fallen as much as overseas markets," said Bryon Burke of ABN Amro Craigs.
Top stock Telecom was down 2c at 447.
Third-ranked Contact Energy was down 7c at 943 after news of a planned 650 megawatt wind farm near Port Waikato, and a $140m, 100MW, gas-fired station.
Contact would invest a sizeable amount on building the wind farm, but it was unlikely to have a financial impact for some time, Mr Burke said.
"It's not really a price-moving announcement, I don't think.
"Today the fall was probably a little bit of profit-taking because it's had such a strong rise."
Among other energy stocks, Trustpower was up 8c at 925, Vector rose a cent to 245, and NZ Oil and Gas was up 3c at 107, and NZ Windfarms was flat at 129.
No 2 stock Fletcher Building was down 18c at 1277.
"Most of Fletcher Building trading seems to be done by overseas investors these days, so that's probably why it's leading the falls at the moment," Mr Burke said.
Takeover target Sky City was up 3c at 533, and fellow in-play stock Auckland Airport fell 2c to 304. Fisher & Paykel Appliances was down 3c at 369, F&P Healthcare was down 2c at 333, and Sky TV rose 2c to 575.
The Warehouse was down 5c at 544, ahead of an appeal next week of the Commerce Commission's rejection of Woolworths' and Foodstuffs' applications to buy the retailer.
Air New Zealand fell 4c to 226, Mainfreight lost 4c to 700, Freightways rose 2c to 397, and Infratil was up a cent at 309.
Rakon was up 7c at 489 on the back of a weaker currency, Hallenstein Glasson was up 6c at 460, Michael Hill fell 20c to 1080, and Sanford lost 4c to 421.
ANZ fell 55c to 3645, Westpac lost 2c to 3450, Telstra rose 6c to 540, and AMP lost 18c to 1225.
- NZPA