NZ share index backs off record high

By NZPA

Wednesday 13th December 2006

The sharemarket benchmark index backed away from yesterday's record high in early trading.

The NZSX-50 benchmark index surged 40.76 points to 3928.11 yesterday but by 10.10am today was down 4.92 points on 3923.20.

Top stock Telecom was off 1c to $4.70 after it confirmed a well flagged replacement by Yahoo!7 of Microsoft's MSN as its partner in its Internet service Xtra.

Number two stock Fletcher Building retreated 4c to $10.65 after it climbed 43c, or 4%, to a high of $10.75 yesterday. Its market capitalisation is now over $5 billion.

Third-ranked Contact Energy fell 5c to $7.90 after it gained 9c yesterday while TrustPower fell 8c to $7.70.

AMP NZ Office Trust said it had placed 36 million shares at $1.11. Its shares were traded ahead of the placement and last traded at $1.14.

Small stock Pod was up 4c to 48c and Allied Workforce was up 5c to $1.45.

US stocks declined as disappointing earnings from consumer electronics chain Best Buy sounded a sour note about the strength of the holiday shopping season.

The Dow Jones industrial average fell 14.82 points to end unofficially on 12313 while the Nasdaq Composite Index fell 11.26 to 2431.

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