New Zealand share prices closed 0.11 percent lower on Wednesday as investors focussed on the uncertain prospects for the local economy rather than rises in the US and Australian markets, dealers said. The NZX-50 gross index fell 4.67 points to 4,186.99 on turnover worth 140.4 million dollars (103.5 million US).
Another record finish on Wall Street and strong gains in the Australian market failed to inspire local investors. Market leader Telecom fell three cents to 4.87 dollars ahead of the company's third quarter results Thursday, with news expected on how much money will be returned to investors from the sale of its Yellow Pages business. "We'll have a lot more detail and possibly expect some volatility in that share price," Williamson said.
Contact Energy fell 14 cents to 8.84 dollars on higher than usual volume as shareholders digested Tuesday's news that wholesale power prices were less than half what they were last year. Fletcher Building rose five cents to 11.30 dollars. Sky City was up seven cents at 4.85 dollars, Auckland Airport added five cents to 2.54 and discount retailer The Warehouse was up three cents at 6.96.