NZ shares fall as Australian holiday saps trading volumes

The S&P/NZX 50 Index decreased 20.21 points, or 0.2 percent, to 10,027.61. Within the index, 13 stocks fell, 25 rose, and 12 were unchanged. Turnover was $52.9 million, with just two stocks trading on volumes of more than a million shares.

Australian markets were closed for the Queen's Birthday holiday, which weighed on local trading. Turnover was only about a third of the $156 million daily average in May. The NZX50 was one of two benchmark indices in negative territory across Asia-Pacific, with equity markets getting a strong lead from the US on mounting speculation the Federal Reserve will cut interest rates.

"The market is particularly dull with the Australian holiday," said Mark Lister, head of private wealth research at Craigs Investment Partners. "New Zealand has been a more stable market through the downtrend of the last few weeks, so there's not really much of a rebound to be had."

F&P Healthcare led the market lower, down 2.5 percent at $15.25 on a volume of 377,000 shares. That was almost half its 90-day average of 705,000.