New Zealand share prices closed 0.66 percent lower on Friday dragged down by a disappointing result from market leader Telecom despite firmer markets off shore, dealers said. The benchmark NZX-50 index dropped 23.80 points to 3,612.41 on turnover worth 144.22 million dollars (113.14 million US).
Top stock Telecom slid to a 14-and-a-half year low of 3.91 dollars after the company reported a 12.6 percent fall in its six-month net profit, on continued declines in calling and mobile revenue. By the end of the session it had recovered to 3.95 dollars, a 15 cents or 3.7 percent fall.
Among other blue chips, Fletcher Building was down one cent at 9.52, Contact Energy rose two cents to 7.79, Fisher & Paykel Healthcare was down 10 cents at 2.85 and Fisher & Paykel Appliances was one cent off at 2.94. Auckland International Airport fell five cents to 2.61 and Air New Zealand was four cents down at 1.73. On the positive side, Mainfreight was up five cents at 5.80, Guinness Peat Group rose four cents to 1.43.