New Zealand share prices closed 0.70 percent lower on Tuesday as the market retreated on profit taking despite the lead of results from seven top stocks, dealers said. The benchmark NZSX-50 Gross Index lost 22.18 points to 3,162.38 on turnover of 82.2 million New Zealand dollars (59.3 million US). Hamilton Hindin Greene broker Grant Williamson said trade was characterised by a lack of support, a little profit taking and low volumes.

Telecom shed six cents to 6.28 dollars, while Contact Energy was down 17 cents at 7.01.

Tourism Holdings lost seven cents to 2.11 dollars despite reporting a 15.3 percent rise in interim net profit to 4.86 million dollars.

Copyright Agence France-Presse, 2005