New Zealand share prices tumble

New Zealand share prices closed 0.17 percent lower Wednesday in the absence of positive leads and warnings that the rising New Zealand dollar could harm exporters, dealers said. The benchmark NZX-50 index was down 5.14 points at 3,116.41 on turnover worth 80.47 million dollars (55.27 million US).
The market initially rose 4.0 points before sliding in the afternoon session. Stephen Wright, of ASB Securities, said some negativity crept in based on warnings the rising dollar could harm exporters on whom the nation's economic recovery would be based. Fletcher Building, which had risen more than 50 cents in the past five days, dropped two cents to 8.02 dollars while Contact Energy fell six cents to 6.02.