Today, Telecom shares dropped to a new record low in a New Zealand sharemarket that under-performed other markets.

There was added disillusionment when chief power organizations chose to develop electricity futures agreements on an ASX platform, rather than with the NZX. Shares of NZX plunged 3c to 158.

The standard NZX-50 ended at 5.209 points, or 0.173%, at 3024.101 after the Dow Jones industrial average surged 2.3% on Wednesday US time and the Australian market reported increases of more than 2% today.

Profits were worth $78.98 million. There were 50 gains and 25 declines amongst the 115 stocks that traded.

Grant Williamson, Director at Hamilton, Hindin, Greene said, "It was a disappointing performance by the New Zealand market with offshore markets powering ahead. We're just holding our heads above water, and really under-performing today".

He said that there just doesn't appear to be any conviction purchasing in the local market.

Telecom traded as low at 182 and ended up 3c at 183 that is less than the earlier record low of 185.

Mr. Williamson said that there is still selling pressure in that stock and no genuine respite for shareholders.

Whilst Contact Energy ended up 1c at 577, Fletcher Building closed unaltered at 820 after being in front 7c in early trading.