New Zealand shares closed down 0.5 percent on Monday as one of the market leaders, Fisher & Paykel Appliances, saw its shares plunge, dealers said. The benchmark NZX-50 index fell 16.99 points to 3,334.14 on turnover worth 112 million dollars (79.5 million US dollars).
Falling stocks outnumbered risers 49 to 30. Fisher & Paykel Appliances shares tumbled 24 cents or 11.5 percent to 1.85 dollars after signalling a bottom line loss due to the cost of moving much of its manufacturing offshore. Second-ranked Fletcher Building's shares rose 11 cents to 7.10 dollars.
Freightways rose 11 cents to 3.30 after reporting a five percent increase in full year net profit. Telecom rose a cent to 3.25, while Contact Energy eased three cents to 8.54 dollars. Bargain retail chain The Warehouse eased 14 cents to 3.47 after rising on Friday when Woolworths said it was taking its fight with the Commerce Commission to the Supreme Court.