New Zealand shares closed down 0.69 percent Wednesday, as the strong start to the year ran out of steam, dealers said. The benchmark NZX-50 index was 19.14 points lower at 2,764.24 on light turnover worth 53.4 million dollars (31.9 million US). There were 34 falling stocks and 32 rises.
The key index rose strongly on the first two trading days of the new year but previous falls in Australian stocks dragged the New Zealand market down, dealers said. Air New Zealand rose four cents to 94 cents, with Cavalier Corp up three cents at 1.90 dollars, Auckland Airport gained two cents to 1.72, and Tourism Holdings added two cents to 71 cents. Pay television firm Sky TV fell 15 cents to 3.80 dollars, Freightways was down 13 cents at 3.06.