NZ shares fall; Goodman placement sees property stocks sold

The S&P/NZX 50 Index declined 93.18 points, or 0.9 percent, to 10,774.85. Within the index, 22 stocks fell, 19 rose, and nine were unchanged. Turnover was $106.7 million, of which $11.9 million came from Kiwi Property Group, Stride Property, and Precinct Properties New Zealand.

Trading in Goodman Property Trust was halted while the industrial property investor raised $150 million at $2.10 a unit in a placement to institutional investors. It will raise up to $25 million more in a retail offer to existing investors. The units closed at $2.195 yesterday.

"When the share price is high it is a good time to be raising. I would imagine it's gone pretty well, the track record is solid, the assets are very well regarded," said Michael McCarthy, chief market strategist at CMC Markets in Sydney.

"The question is will there be digestion issues for the stock after what is a substantial placement? That might result in some short-term share price pressure."