New Zealand share prices fell 0.10 percent on Wednesday in the absence of strong trading leads, dealers said. The benchmark NZX-50 index fell 4.42 points to close at 4,327.87 on turnover worth 129.8 million dollars (99.0 million US). "It's been relatively quiet," ASB Securities adviser Stephen Wright said.
Among the market leaders, Telecom fell one cent to 4.58 dollars following Tuesday's 12 cent rise. Contact Energy rose two cents to 9.50 dollars and Fletcher Building rose a cent to 12.78. There was again heavy turnover in take-over prospect Sky City, which rose two cents to 5.39 dollars.
Turnover in the stock has been high since the company said an unnamed party was undertaking due diligence with a view to making a takeover offer. Fisher & Paykel Appliances, which Tuesday announced a strategic partnership with Europe's third largest appliance maker Arcelik, was flat at 3.58 dollars.
Finance company Dorchester Pacific rose 16 cents to 1.20 dollars, following what Wright described as "a constant wall of selling" amid a series of collapses in the finance industry. He said it was too early to say whether finance company stocks were regaining favour. Dominion Finance rose five cents to 1.45 dollars.
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