New Zealand share prices tumbled to close down 2.04 percent on Friday, ignoring a more positive day in most overseas markets, dealers said. The benchmark NZX-50 gross index dropped 73.00 points to 3,500.91 on turnover worth 115.2 million dollars (94.1 million US).
Market leader Telecom fell to its lowest level in more than 15 years, closing down 10 cents at 3.78 dollars. Second-ranked Fletcher Building dropped 25 cents to 8.75 dollars, a 17-month low and well below its record high of 13.42 in May last year.
Discount retailer The Warehouse bucked the trend to rise five cents to 6.05 dollars after announcing a higher dividend. However, it also forecast a lower annual profit due to tough trading conditions. It reported a seven percent increase in half-year net profit to 64.3 million dollars, including an eight million dollar reversal of an earlier provision.