NZ shares fall most across Asia; Z still under pressure

The S&P/NZX 50 index dropped 108.33 points, or 1.2 percent, to 8,802.26. Within the index 39 stocks fell, nine gained and two were unchanged. Turnover was $115.6 million.

The local market posted the biggest decline across Asia-Pacific.Australia's S&P/NZX 200 index was down 0.2 percent in afternoon trading, Hong Kong's Hang Seng fell 0.3 percent, and Japan's Topix was down 1.1 percent.

Z Energy led the local market lower, falling 3.9 percent to $6.10, the lowest close since February 2016. The share price has dropped 11 percent this week after the transport fuels company reported lower petrol volumes as oil prices rise. At the same time, it's facing increased competition from low-cost operators such as Waitomo and has the government threatening regulatory intervention.

Matt Goodson, managing director at Salt Funds Management, said the share price is under pressure from the operational data showing lower fuel volumes and what impact a Commerce Commission study into the fuel market will have on margins. Those regulatory powers are yet to be passed into law.