NZ shares dip; Summerset sales fall short of expectations

The S&P/NZX 50 Index decreased by 9.49 points, or 0.1 percent, to 10,605.98. Within the index, 24 stocks fell, 20 rose, and six were unchanged. Turnover was $79.2 million, with four companies trading on volumes of more than a million shares.

Summerset led the market lower, down 3.3 percent at $5.55 on a volume of 238,000 shares, after reporting a 9.6 percent decline in second-quarter sales. The retirement village operator tried to allay investor fears, saying the property market was showing signs of stabilising. However, the downbeat figures weighed on rival Metlifecare, which fell 2 percent to $4.45 with 164,000 shares changing hands.

"The pressure is on the retirement village sector on continuing concerns around property," said Grant Davies, an investment advisor at Hamilton Hindin Greene. "Resales and new sales are not quite living up to expectations."

Some exporters were also among those under pressure, with Gentrack down 3.1 percent at $6.20, Fisher & Paykel Healthcare falling 1.7 percent to $16, and Skellerup also dropping 1.7 percent to $2.36.