New Zealand share prices closed little changed on Thursday in the absence of leads to drive the market, dealers said. The benchmark NZX-50 gross index fell 3.56 points to 4,236.70. Turnover was worth 97.0 million dollars (75.8 million US) with falls outnumbering rises 57 to 36.
"The market's actually flat, which is where it's been for most of the day. Very little out there to drive the blue chips," said Tom Bliss of Forsyth Barr. Telecom rose four cents to 4.66 dollars. Fletcher Building fell 26 cents to 12.24 dollars. The construction and building supplies company has fallen since hitting a record high of 13.42 dollars in May when it took over Formica.
Contact Energy was down five cents at 9.06 dollars, Fisher & Paykel Healthcare fell two cents to 3.26 and Fisher & Paykel Appliances lost a cent to 3.44. Tourism Holdings rose three cents to 2.55 dollars, as analysts speculated the 2.80 dollar a share bid by Australia's MFS Living and Leisure would fail. MFS has lifted its stake to 22.3 percent, with the offer closing on July 21.
New Zealand Refining rose two cents to 7.82 dollars and Tower added eight cents to 2.44. Steel & Tube dropped four cents to 4.50 dollars, The Warehouse was down five cents at 6.05, Air New Zealand was down four cents at 2.53, and Hellaby Holdings dropped 12 cents to 338.
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