New Zealand shares fell, paced by gold miner OceanaGold and casino operator Sky City Entertainment Group ahead of their earnings this week. Turners Auctions rose after meeting guidance and lifting its dividend.
The NZX 50 Index rose 2.38 points, or 0.1 percent, to 4218.12. Within the index, 21 stocks fell, 14 rose and 15 were unchanged. Turnover was $112 million.
OceanaGold fell 4.2 percent to $3.16. The company reports its full-year results on Thursday and Forsyth Barr analyst Andrew Harvey-Green is forecasting a 2.6 percent decline in sales and a 32 percent drop in pre-tax earnings.
SkyCity fell 0.5 percent to $4 ahead of its interim results, which will suffer in comparison to the year earlier, when the Rugby World Cup drove up custom at its main Auckland complex.
"There's still an appetite for shares but in the last week or two a bit more caution has come in - some valuations are quite stretched," says Greg Easton, an adviser at Craigs Investment Partners. "There's a risk of earnings disappointment."
Turners Auctions rose 5.7 percent to $2.23 after the country's biggest auction house posted a 14 percent gain in full-year profit on increased car sales and lifted its final dividend to 8 cents a share from 6 cents. It held off returning more cash to investors as it looks for growth opportunities.
"Turners set a clear strategy about three years ago and they are executing very well," Mr Easton says. The increase in dividend "is outstanding".
Telecom fell 1.1 percent to $2.31 after New Zealand's largest telecommunications retailer said it will review its Yahoo email service after a "series of issues" over the past year, including this week's highly disruptive attack by hackers.
Chorus, the network company spun off from Telecom in 2011, fell 1.9 percent to $3.07.
Summerset Group, the retirement village company, declined 1.1 percent to $2.61 amid speculation Australian buyout firm Quadrant will sell down its majority stake when a selling restriction ends this month.
"I think they would be looking to sell down - they're not a natural long-term holder as a private equity company and they need to recycle their capital," Mr Easton says.
Rival rest home operator Ryman Healthcare rose 1.1 percent to $4.61.
Warehouse Group, the biggest retailer on the NZX 50, was up 3.3 percent to $3.47, leading the index higher. Jeweller Michael Hill International climbed 2.5 percent to $1.24.
Government figures today showed New Zealanders lifted spending on their credit, debit and charge cards last month by 0.3 percent, the fourth straight gain. Retail sales data for the fourth quarter is scheduled for release on Friday, with a 1.1 percent gain forecast.
Fletcher Building gained 0.5 percent to $8.89 and Contact Energy gained 0.4 percent to $5.18.