Key factors swirling around the stock are the threat of regulatory action against Telecom by the government, and whether the company's review of its Australian operations will bring a sale or merger, he added.

Investors were mulling a recent fall in the value of the New Zealand dollar against several other currencies but a lack of fresh news saw many stocks move around on modest volume, he added.

Other decliners included electricity generator and retailer Contact Energy, which lost 1 percent to NZ$7.29, and medical equipment maker Fisher & Paykel Healthcare, which shed 1 percent to NZ$3.91.

On the positive side, a weaker New Zealand dollar helped Fisher & Paykel Appliances rise 1.2 percent to NZ$4.23, and also boosted fishing company Sanford 4.8 percent to NZ$4.35.

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