NZ shares fall, Sky TV and FPH drop while Chorus, Arvida rise

The S&P/NZX50 Index dropped 64.15 points, or 0.7 percent, to 9,228. Within the index, 22 stocks fell, 20 rose, and eight were unchanged. Turnover was $137.2 million.

Leading the benchmark index lower was Sky TV, which dropped 3.5 percent to $2.20. The shares have dropped 17 percent since the company gave its annual earnings report last month.

"That's a continuation of a trend we've seen since they reported, I would say on concern of continued loss of subscribers, though that's no great news to anybody," said Josh Wilson, principal and senior portfolio manager at NZFunds. "The way I looked at it was they'd done a really good job at taking costs out of the business, but there's only so far you can cut costs and if revenues continue to decline and follow the trend that they have been, then earnings become the meat in the sandwich and will get squeezed."

Fisher & Paykel Healthcare fell 2.7 percent to $15.20. On Monday, it warned the cost of contesting the latest patent allegations from rival ResMed will cut annual earnings by as much as $10 million in a far-ranging dispute across multiple jurisdictions.