The New Zealand stock market was down on Thursday morning.
The NZX50 was down 2 points to 3494, on turnover of $31 million.
Fletcher Building was down 4 cents at $9.07, Telecom was down 1c to $2.15 after the Commerce Commistion decided to slash mobile termination rates.
Contact Energy was up 2c at $5.91.
Sky City Entertainment Group was down unchanged $3.59, Sky Television Network was up 9c at $5.79 and Auckland International Airport Ltd was up 1c to $2.23.
The Warehouse was unchanged at $3.73, Pumpkin Patch was unchanged at $1.21 and Kathmandu was down 4c to $2.54.
Argosy Property Trust was unchanged at 79c. Charlies was unchanged at 30 cents.
New Zealand Refining Ltd was unchanged at $4.41, Cavalier Carpets was up 4c to $3.48 and Methven was up 4c to $1.60.
SmartPay was up 0.1c to 2c, after announcing it is pushing ahead with a listing on the Australian stock market, but will remain on the New Zealand exchange.
Across the Tasman, the Australian 200 was down 21 points to 4719.
The New Zealand dollar was trading at 78.91 US cents, 73.55 Australian cents, 47.89 pence, 63.63 yen and 0.5331 euro. The Trade Weighted Index was at 67.35.