New Zealand share prices closed 1.15 percent lower on Monday following a sharp decline in Australian and US stocks, dealers said. The benchmark NZX-50 index fell 46.04 points to 3,962.62 on turnover worth 129.0 million dollars (100.3 million US). Falling stocks outnumbered risers 77 to 24.
Market leader Telecom fell seven cents to 4.31 dollars, Contact Energy fell 10 cents to 8.28 and Fletcher Building dropped four cents to 11.26. Financial services firm Tower rose four cents to 2.29 dollars, as the company announced just before the market closed that former Hanover Finance chief executive Sam Stubbs would take over its investment business.