Defensive stocks end stellar run

The S&P/NZX 50 Index declined 46.66 points, or 0.5 percent, to 9,892.60. Within the index, 19 stocks fell, 21 gained, and 10 were unchanged. Turnover was $145.1 million.

The benchmark index rose 12 percent in the March quarter and hit a record on Monday, as investors piled into utilities and infrastructure companies paying reliable dividends to replace dwindling yields on bonds and term deposits. That demand pushed the likes of electricity generator-retailers Mercury, Meridian Energy and Genesis Energy, and infrastructure investor Infratil to all-time highs.

"The market may be giving a little bit back after a fantastic run on the low interest rate expectations," said Grant Davies, an investment adviser at Hamilton Hindin Greene.

Contact led the market lower, down 2.7 percent at $6.80 on a volume of 1.7 million shares, in line with its 90-day average of 1.6 million. Lines company Vector fell 2 percent to $3.48, Mercury declined 1.5 percent to $3.87, Infratil declined 1.5 percent to $4.335 and Genesis slipped 1.5 percent to $3.03. Meridian rose 0.4 percent to $4.08 on a volume of 1.5 million shares.