New Zealand shares fell for a second day, retreating from the first quarter's 6.7 percent gain as investors sold some of the best-performing companies. Fletcher Building fell and Restaurant Brands rose.
New Zealand shares fell for a second day, retreating from the first quarter's 6.7 percent gain as investors sold some of the best-performing companies. Fletcher Building fell and Restaurant Brands rose.
The NZX 50 Index fell 20.52 points, or 0.6 percent, to 3473.09. Within the index, 30 stocks fell, nine rose and 11 were unchanged. Turnover was $108 million.
Fletcher, which reached a 5-month high last month, fell 2.4 percent to $6.47. Chorus, the network company spun off from Telecom in November, dropped 3.3 percent to $3.49, having closed at a record last week.
Trade Me, the auction website, slipped 0.9 percent to $3.46, having climbed 18 percent this year.
"There is a bit overseas selling after such a successful quarter," said Bryon Burke, head dealer at Craigs Investment Partners. "People are taking a little bit of profit because it has done so well. It isn't a change in market direction, just a consolidation"
Telecom was unchanged at $2.45.
Warehouse Group, the biggest retailer on the NZX 50, fell 4.3 percent to $2.68 after going ex-dividend, meaning investors who bought the stock today weren't entitled to its 13.5 cent interim dividend.
Ebos Group, the medical equipment and pet supplies company, fell 1.5 percent to $7.14 after shedding its 13.5 cent first-half dividend.
Restaurant Brands rose 2.7 percent to $1.91 and was the biggest gainer on the index today. The fast-food restaurant operator today reported a 27 percent drop in full-year profit. But the company said earnings had dropped from a "stellar year last year" and that the "underlying performance of the company remains strong.”
"It is pretty robust and it has been through some tough economic times," Burke said. "The market wasn't expecting that kind of growth."
Xero, the cloud-based accounting system company, rose 4.2 percent to $4 and has soared 39 percent this year.
The Wellington-based business boosted revenue to $19.3 million in the 12 months ended March 31 from $9.3 million a year earlier, it said in a statement to the NZX today. The company doubled its customer base to 78,000 from 36,000.
Cavalier, the carpet maker and wool processor, fell 4.8 percent to $2 and was the biggest decliner on the benchmark index today.
PGG Wrightson, the rural services company, fell 2.6 percent to 38 cents. Sky Network Television, the nation's biggest pay-TV company, rose 1.2 percent to $3.86.
Sky City Entertainment Group, the casino and hotel company, rose 0.5 percent to $3.86.
