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New Zealand stocks dip on declines in Telecom, other blue chips

New Zealand stocks dip on declines in Telecom, other blue chips

New Zealand stocks slipped Wednesday, as losses in bellwether Telecom and profit-taking in a number of blue chips weighed on an otherwise directionless market.
The benchmark NZX-50 index fell 4.67 points, or 0.1 percent, to 4,186.99.
The market had been "mainly Telecom driven" ahead of its eagerly awaited third-quarter report due Thursday, with the stock accounting for nearly half of market volume, said Peter Young, an adviser at Forsyth Barr.
Telecom closed down 0.6 percent to NZ$4.87 ahead of its result, which brokers say is of less interest to the market than the possible release of details on a capital return from the sale of its Yellow Pages unit, capital expenditure plans and a new chief executive.
Among other losers, energy generator and retailer Contact Energy fell 1.6 percent to NZ$8.84 following a third-quarter operational result Tuesday that was below the same period in 2006.
National carrier Air New Zealand also came in for some profit-taking, losing 1.1 percent to NZ$2.75 after it hit a near four-year high of NZ$2.85 last week.
Fast food operator Restaurant Brands closed down 1.1 percent to NZ$0.90 on news it had ended talks with potential suitors after concrete buy offers failed to materialize.
Consolidation of the New Zealand dollar below US$0.7400, helped export stocks hit hard by the local currency's strength in recent weeks.
Fisheries and seafood firm Sanford gained 3.3 percent to NZ$4.65, and rubber product manufacturer Skellerup added 4.4 percent to NZ$1.18.


Updated : 2020-11-30 22:04 GMT+08:00