NZ shares fall on profit-taking
New Zealand shares have come under selling pressure, as investors looked to book recent gains in a volatile market.
The S&P/NZX 50 Index fell 18.08 points, or 0.3 percent, to 5650.03 today.
Within the index, 23 stocks fell, 22 rose and five were unchanged. Turnover was $120 million.
The benchmark index is up 1 percent so far this week, after declining 3.5 percent in the September quarter. Trading last quarter was marked by volatile markets as investors weighed the outlook for the US Federal Reserve to hike rates for the first time in a decade, while nervousness about China's growth outlook has spooked equities investors.
Tower led the index lower, dropping 3.5 percent to $1.92.
Others to fall included Freightways 2.6 percent to $5.57, Mighty River Power 2.6 percent to $2.425, Steel & Tube 2.2 percent to $2.64 and Auckland International Airport 2.2 percent to $4.89.
"There has been a wee bit of momentum going over the last few days but I think in this market volatility is still going to be there," said Robert Garden, investment adviser at Craigs Investment Partners.
Overnight, dairy prices rallied 9.9 percent, increasing for a fourth consecutive time after nearly six months of declines. Units in Fonterra Shareholders' Fund, which give holders access to Fonterra's dividend stream, rose 1.5 percent to $5.30.
Xero was the best performer on the day climbing 4.4 percent to $15.97 and Air New Zealand advanced 3.4 percent to $2.58 after the company's annual meeting in Auckland.