New Zealand share prices closed 0.29 percent lower on Friday, drifting downwards with a lack of direction, dealers said. The benchmark NZX-50 index closed 11.98 points down at 4,064.05 on turnover worth 118.05 million dollars (83.14 million US).
Profit taking in market heavyweight Telecom pushed it down five cents to 4.68. Contact was off four cents at 8.96, the Warehouse fell six cents to 6.67, Lion Nathan fell 14 cents to 9.70, and New Zealand Refining dropped 35 cents to 6.40 as it went ex-dividend.