New Zealand share prices were flat in light trade on Monday despite continued improvement by market leader Telecom, dealers said. The benchmark NZX-50 index ended 2.65 points or 0.10 percent down at 2,771.5 on turnover worth 77 million New Zealand dollars (38.21 million US).
The market was flat even though other markets fared worse, said ABN Amro Craigs senior dealer Byron Burke. "Just a typical performance of our market this year, where it's weathered the downturns quite well," Burke said. Burke said its forecast yield was reasonable and the low value of the New Zealand dollar made Telecom look even cheaper to overseas investors.
Other gainers included NZX, which rose 15 cents to 5.65, Trustpower, up 14 cents at 7.60, and Fisher & Paykel Healthcare, which ended seven cents ahead at 3.45. Guinness Peat Group and Fletcher Building were on the downside, with Guiness Peat four cents off at 79 cents and Fletcher Building down seven cents at 5.58 dollars. Other significant falls included Mainfreight, down 13 cents at 4.05, and Fisher & Paykel Appliances, down five cents at 1.20.