High oil prices weigh on Air NZ, Mainfreight; Shares close down

The S&P/NZX 50 Index declined 31.66 points, or 0.3 percent, to 10,831.75. Within the index, 26 stocks fell, 18 rose, and six were unchanged. Turnover was $68.8 million with just three stocks trading on volumes of more than a million shares.

Stocks across Asia were mixed as investors digest the drone attacks on two Saudi facilities. Brent crude oil prices rose as much as 19 percent, before settling at US$66.30 a barrel, at the end of the local trading session, up 10 percent. Hong Kong's Hang Seng was down 1 percent in afternoon trading, Australia's S&P/ASX 200 index was flat, and South Korea's Kospi 200 Index rose 0.2 percent.

"The issues in Saudi Arabia are having a big impact on the oil market and that is flowing to Air New Zealand and Mainfreight is off a bit as well," said Grant Davies, an investment advisor at Hamilton Hindin Greene.

National carrier Air New Zealand fell 1.9 percent to $2.655 on a volume of 1.6 million shares, more than twice its 90-day average of 749,000 shares. Global logistics group Mainfreight was down 2 percent at $38.52, rental RV operator Tourism Holdings decreased 0.7 percent to $4.09.