The sharemarket hit a three-year low today, depressed by a 15-year low for top stock Telecom, investor caution, and continued selling by offshore investors.
Having lost 1 percent yesterday and 2 percent on Friday, the NZSX-50 benchmark index shed another 19.3 points, or 0.6 percent, to close at 3175.3. Turnover totalled $96.2 million.
"A lack of corporate news, I feel, and probably some negative economic commentary is weighing on investors' minds at the moment," said Grant Williamson of Hamilton Hindin Greene.
"There certainly seems to be some uncertainty and caution amongst investors as more and more consider putting some cash on the sidelines, and (are) waiting to see how the economy develops."
Telecom slid 12c to 345, while Fletcher Building hit a three-year low of 627, down 8c.
"The stock (Telecom) has been trading in a range for quite a few months now, so to see it break down into new lows is not particularly good. I don't know of any real reasons, just a continuation of the gloomy outlook for the New Zealand economy," Mr Williamson said.
Second-ranked Contact Energy bucked the trend, rising 14c to 813 after announcing that a small Taupo geothermal power project will proceed.
Other blue chips were generally more cheery, with Fisher & Paykel Healthcare up 2c at 237, Sky City up 6c at 312, Sky TV up 3c at 415, and Infratil 4c higher at 187. F&P Appliances fell 4c to 194.
Another highlight was New Zealand Oil and Gas, which rose 8c to a record high of 186, after about 84 percent of its 139 million options were taken up. The energy explorer has raised about $177m so far.
"They've had a good number taken up, so those options are not weighing on the share price any longer, so it's full steam ahead for them," he said.
The Warehouse hit a two-year low of 395, down 15c, as punishment in the retail sector pointed to a lower sale price if Foodstuffs or Woolworths are finally given the green light to proceed with a takeover.
Freightways fell a cent to 294, Mainfreight slipped 20c to 630, Rakon lost 4c to 280, NZX slid 24c to 730, and Pumpkin Patch was down 3c at 140.
Hellaby, which yesterday announced it had unloaded the poorly performing BBQ Factory chain, rebounded 29c to 164. Hallenstein Glasson rose 11c to 253, Sanford was up 9c at 519, and Methven gained 6c to 150.
PGG Wrightson, which lost 10c yesterday on news it was to take a half stake in meat company Silver Fern Farms, rose 4c to 254.
Australia's S&P/ASX 200 Index was down 1 percent at 5155, and Japan's Nikkei share average was a touch higher.
Wall Street provided mixed signals as record oil prices boosted energy shares, offsetting weak financial stocks amid ongoing concerns of further credit losses.