Investors take profits after sharemarket hits record
The S&P/NZX 50 Index declined 27.67 points, or 0.3 percent, to 10,058. Within the index, 29 stocks fell, 16 rose, and five were unchanged. Turnover was $279.4 million, of which Z Energy accounted for $203.7 million.
The benchmark index was at a record yesterday and has been one of the more expensive across Asia-Pacific. Port of Tauranga, which is trading at a price-to-earnings ratio of 43 times, led the decline, falling 3.4 percent to $5.90 on a volume of 125,000 shares.
NZX fell 2.8 percent to $1.04, while Tourism Holdings was down 2.2 percent at $3.93.
"We're giving some of those gains back today," said Grant Williamson, a director at Hamilton Hindin Greene. "Profit-takers have come back into the market."
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