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."