NZX 50 falls as investors get ready for summer

The S&P/NZX 50 Index fell 17.53 points, or 0.1 percent, to 12,631.38. Within the index, 30 stocks rose, 15 fell and five were unchanged. Turnover was $153.2 million.

Fisher & Paykel Healthcare continued to lead the market lower, dropping 4 percent to $32.30, as the strong currency and promising vaccine outlook weighed down the medical device exporter.

Sam Trethewey, a portfolio manager at Milford Asset Management, said the share price pulling back from high levels was an acknowledgement of the strong kiwi more than the progress in controlling the virus.

The kiwi hit a multi-year high overnight, breaking through 71 US cents before pulling back to trade at 70.55 cents at 5pm in Wellington, down from 70.67 cents yesterday.