Shares in Auckland Airport fell today on news of an investment in Australia while shares in Infratil rose on news of a divestment in Australia.
Overall the benchmark NZSX-50 index closed down 6.477 points, or 0.196%, at 3303.749, having reached a 15-month high on Friday.
Turnover was worth $75.2 million. There were 46 rises and 29 falls among the 117 stocks traded.
Corporate activity enlivened an otherwise quiet Monday market.
Auckland Airport fell 6c, or 2.88%, to $2.02 after the airport operator said it had agreed to buy from Westpac Bank a 24.55% stake in North Queensland Airports for $A132.8 million ($NZ166 million).
The move is seen as a diversification and way of accessing the Asian tourism market.
"The market needs some convincing that it is not just expansion for expansion sake and that the rationale is going to work out. Time will tell," said Stephen Wright of ASB Securities.
Investors also wondered what influence Auckland Airport would have with a partial stake but believed as an airport operator it may be able to add value to the Australian business.
Infratil rose 3c, or 1.81%, to $1.69 after announcing the sale of all of its shares in Australia's Energy Developments at a price that should give the infrastructure investor a $94 million gain in its annual result. The sale of at least part of the stake was clearly signalled earlier.
NZ Refining rose 4c to $3.69.
Otherwise, a new year rally continued to bolster leading stocks. Continuing strong economic data in Australia was helping companies exposed to that market but a rise in the New Zealand dollar above 74USc was a negative for exporters. Retailers also continue to be mixed.
Fletcher Building rose 12c to $8.44 and Contact Energy rose 2c to $6.34.
The Warehouse eased 1c to $4.10 and Hellaby rose 1c to $1.70. Hallenstein Glassons fell 5c to $3.25.
The Australian sharemarket was strong, helping Westpac to rise 18c to $31.68 and AMP to rise 5c to $8.06.
Rakon and Sky TV both eased a cent to $1.15 and $5.17 respectively, while Restaurant Brands also eased a cent to $1.73.
PGG Wrightson rose 3c to 64 and Pyne Gould Corp rose 1c to 48.
NZX rose 6c to $2.32 and Ebos rose 9c to $5.95.
Fisher&Paykel Appliances rose 1c to 63c while F&P Healthcare fell 7c to $3.32. Oceania Gold rose 6c to $2.48.