NZ shares fall today, led lower by Sky TV and Tourism Holdings, but gain 4.4% in August

The S&P/NZX50 dropped 26.68 points, or 0.3 percent, to 9,313.2. Within the index, 24 stocks fell, 14 rose and 12 were unchanged. Turnover was $152.2 million.

While the benchmark index fell today, it is up 4.4 percent for the month and hit a record high Wednesday. Gains have been led by the largest stocks with the NZSE10 index up 6.9 percent to 9178.8 in August.

"It has been quite a remarkable month with this earnings season," said Matt Goodson, managing director at Salt Funds Management. "It's really been led by the likes of Fisher and Paykel Healthcare which has continued to surge despite a result which saw downgrades from analysts, Ryman, Spark. It's been very narrow leadership of what's been a strong month for the market."

Sky Network Television was the worst performer, down 6.5 percent to $2.15, the lowest it has closed since mid-May. Last Friday, the pay-TV operator wrote down its value by $360 million at the end of its financial year, resulting in a $240.7 million annual loss.