New Zealand share prices closed 1.71 percent lower on Friday, as investors took their cue from further falls in US and other international markets, dealers said. The benchmark NZX-50 index fell 48.48 points to 2,791.65 on thin turnover worth 49.63 million dollars (29.1 million US). Falling stocks outnumbered rises 55 to 15.
James Smalley, a client adviser with Hamilton, Hindin, Greene, said depressed global markets were a bigger factor than Saturday's national election in setting market sentiment. Market leader Telecom hit a new record intraday low of 2.19 dollars after posting a 34 percent fall in first quarter net earnings to 149 million dollars.
But it recovered some ground to close down just a cent at 2.26 dollars. Smalley said Telecom had strong cashflows and offered a good dividend yield at current prices. Fletcher Building fell 43 cents to 5.68 dollars and Contact Energy dropped two cents to 7.41 dollars. Pay television operator Sky TV fell 14 cents to 3.71 dollars - adding to a 25 cent drop Thursday - after its profit guidance came out below analysts' consensus forecast.
NZ Oil & Gas was down seven cents at 1.29 dollars, and casino operator Sky City fell six cents to 3.12. Clothing retailer Hallenstein Glasson was down nine cents to 2.29 dollars, and Fisher & Paykel Appliances dropped eight cents to 1.47. Auckland International Airport eased four cents to 1.75 dollars and The Warehouse eased 11 cents to 3.90.
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