The New Zealand share market was weak again, the NZX Top 50 Index falling for a sixth consecutive day to shed 6 points to 4714.
Murray and Co director of wealth management Johnny Cochrane said a key reason for the recent weakness was rising interest rates in the United States, and the market anticipating when the Federal Reserve might phase out its money-printing programme.
"As the markets continue to fret about a tapering of the US quantitative easing programme, interest rates, in particular the US 10-year bond, have been pushing higher, and that's caused weakness in global risk assets over the last week," Mr Cochrane said.
"It just appears to be international, institutional investors pulling money out of New Zealand because of the concerns they've got around a (possible) change in government and a change in some of the policies associated with telecommunications and with electricity."
Mighty River Power and Meridian Energy bounced back today, which Mr Cochrane said he believed was the result of investors "bargain hunting".
"The same would apply to Diligent as well. It looks like the correction that the stocks had as a result of their announcement earlier in the week has brought the bargain hunters out."
Chorus shares hit a fresh record low today at $1.27 before recovering to close at $1.32, down 6 cents.
The Bank of New York Mellon filed a notice saying it had reduced its stake in Chorus from 7.45% to 6.3%. The bank, which is Chorus' third largest shareholder, also owns nearly 6.5% of Meridian's installment receipts and, until early November at least, had been gradually increasing that stake.
Dollar little change
The New Zealand dollar was little changed against the currencies of all our major trading partners.
Westpac currency strategist Imre Speizer said the market was awaiting key figures.
"The market's on hold pending probably the most important economic data release for a few months, and that is the US jobs report for November. A strong number would push the Kiwi-US lower and a weaker number would push it higher," Mr Speizer said.
That was because a strong number would raise expectations that the Federal Reserve was going to slow down its money printing programme, something he said would be bullish for the US dollar.
Last month's figures were muddied by the impact of the US government shut down in October, he said.
Just after 5pm, the New Zealand dollar was buying: 81.94 US cents, 90.41 Australian cents, 50.16 pence, 0.59.95 euro and 83.43 yen.
