KEY POINTS:
The sharemarket was slightly softer today despite a positive close for Telecom.
The benchmark NZSX-50 index, which rose 18 points yesterday, closed down 3.2 points at 4255.64. Turnover totalled $103.2 million, with rises outnumbering falls 55 to 43.
"It's listless on lightish volume, really looking for direction," said Don Lewthwaite of First NZ Capital.
"Overseas markets are still fickle and we're due some June company results, so while the currency and the interest rate outlook are weighing on the market a bit, it's still just drifting."
The New Zealand dollar regained strength during the session after an early retreat, returning towards post-float highs around US79.4c.
Among the blue chips, Telecom rose 4c to 478, Fletcher Building lost 20c to 1220, Fisher & Paykel Healthcare was flat at 327, and F&P Appliances rose 8c to 363.
Energy stocks were mixed, with Contact Energy down 2c at 922, TrustPower up 10c at 840, and lines company Vector up 3c at 263.
Many stocks on the rise yesterday gave up some of their gains. Sky City fell a cent to 484, Sky TV fell 6c to 563, and Mainfreight was off 2c at 750.
Retailers were mixed with Michael Hill down 20c at 970 and Pumpkin Patch down 2c at 342, but Hallenstein Glasson was up 8c at 470.
Investment company Guinness Peat Group fell to its lowest in more than a year, down 4c at 195, and Hellaby Holdings was down 5c at 355.
Takeover target Tourism Holdings lost half of yesterday's gain to close down 3c at 272. Bidder MFS Living and Leisure said today its acceptances had reached 62.4 per cent, ahead of the Saturday deadline of its 280c-per-share offer.
Air New Zealand was up 2c at 269, Auckland Airport was flat at 329, NZ Refining was off 4c at 790, and NZ Oil and Gas was up 5c at 129 ahead of its Pike River Coal listing on Friday.
Small cap juice maker Charlies rose a cent to 18.5c after reporting strong sales in the wake of its purchase of drinks company Phoenix.
Despite a weaker Australian index, dual-listed stocks were stronger with ANZ up 25c at 3280, Westpac up 20c at 2930, AMP 5c higher at 1150, APN News and Media up 3c at 645 and Goodman Fielder up 4c at 285. Lion Nathan shed 13c to 1000.
- NZPA