NZ shares fall in light trading; power companies come off the boil

The S&P/NZX 50 Index declined 60.35 points, or 0.5 percent, to 11,142.58. Within the index, 25 stocks fell, 19 rose, and six were unchanged. Turnover was $152.3 million.

The major power companies fell, having hit records in recent weeks as the attraction of a reliable dividend prompted investors to bid up the prices at a time when ultra-low interest rates deter investment in fixed interest assets.

Contact Energy fell 1.8 percent to $8.77, Genesis Energy was down 0.7 percent at $3.61, Meridian Energy declined 1.7 percent to $5.35 on a volume of 1.8 million shares, and Mercury NZ decreased 1 percent to $5.54 with 1.1 million shares changing hands.

"The electricity stocks took a bit of a hit today. You're really looking at the top 20 or so stocks that have come in for a reasonable amount of selling," said Grant Williamson, a director at Hamilton Hindin Greene.