Blue chip stocks weigh market down

The S&P/NZX 50 Index declined 65.11 points, or 0.6 percent, to 10,170.26. Within the index, 24 stocks fell, 19 rose, and seven were unchanged. Turnover was $85 million.

The volume of trading was relatively quiet, with 18.8 million shares changing hands, down on its 90-day average of 30.4 million. Stocks across Asia were largely weaker, including in Australia, where the S&P/ASX 200 Index was down 0.2 percent in late trading.

Blue-chip companies with large weightings on New Zealand's benchmark index were generally weaker, giving up recent gains that have pushed the NZX50 to a record. Auckland Airport fell 2.1 percent to $8.83, Meridian Energy was down 1.7 percent at $4.41 on a volume of 1.2 million shares, and A2 Milk declined 1.4 percent to $14.64.

"The market itself has had a disappointing start to the week - there was a little bit of weakness in A2 and the electricity stocks are under a bit of pressure," said Grant Williamson, a director at Hamilton Hindin Greene.