New Zealand shares fell to end the shortened trading week lower, paced by Telecom and Fletcher Building, as the local bourse reflected weaker equity markets across the Asia Pacific region.
Telecom struck a fresh bottom and the New Zealand sharemarket hit a 10-month low today as it failed to shake off the effect of heavy losses on Wall Street.
The benchmark NZX-50 index closed down 1.4%, or 41.16 points, at 2988.98, as it caught up with carnage on overseas markets after missing the damage due to yesterday's public holiday.
Telecom slid 5c, or 2.7%, to 181 as the company continued struggling to rebuild its reputation and performance.
The New Zealand sharemarket posted modest gains today as Telecom's share price rose from a record low.
The benchmark NZX-50 index closed up 6.035 points, or 0.2%, at 3030.136. Turnover was worth $69.99 million. There were 34 rises and 28 falls among the 99 stocks traded.
"It is a reasonably quiet market on both sides of the Tasman as investors wait for non-farm payrolls in the States," said James Snell, director of institutional equities at First NZ Capital.
Solid sales for Restaurant Brands and a proposed merger to create a new bank failed to lift the New Zealand sharemarket out of the red today.
The benchmark NZX-50 index lost 0.2%, or 6.5 points, to close at 3054.76.
"With major offshore markets closed last night, no real clear direction," said Hamilton Hindin Greene director Grant Williamson.
"It will be all eyes on the Dow Jones tonight after the long weekend."
The New Zealand sharemarket started the day with a burst which fizzled out as the day progressed and a mixed bag of profit results were reported.
The strong start followed gains by global equities, as investor worry was eased after China rejected a report it was reviewing its euro-zone bond holdings due to the region's debt crisis.
The benchmark NZX-50 index closed up 12.913 points, or 0.4%, at 3047.746. Turnover was worth $93.5 million. There were 56 rises and 27 falls among the 115 stocks traded.
The New Zealand sharemarket fell to its lowest level in 10 months during a mixed session in which companies reporting disappointing results were punished.
The benchmark NZX-50 index recovered to close up 23.646 points, or 0.8%, at 3034.833. Turnover was worth $92.9 million. There were 47 rises and 39 falls among the 108 stocks traded.
Sanford closed down 4.3%, or 19c, at 427 after reporting a sharp fall in profit yesterday, while Mainfreight fell 3c to 596 after reporting a 2.5% increase in annual profit.