Six day run of gains ends on sharemarket

Grant Williamson

The S&P/NZX 50 index fell 48.46 points, or 0.5 percent, to 9,284.92. Within the index, 24 declined, 23 rose and three were unchanged. Turnover was $132.9 million.

Exporters were largely weaker, with a stronger kiwi dollar weighing on their earnings. The New Zealand dollar climbed back above 68 US cents on a less dovish outlook from the Reserve Bank than some analysts had expected. January trade data from China, New Zealand's biggest export partner, was also much stronger than expected.

A2 Milk fell 2.7 percent to $13.20 on a smaller-than-average volume of 906,000, while F&P Healthcare was down 1.4 percent at $13.70 on a bigger-than-usual volume of 804,000. Retailer Kathmandu, which counts Australia as its biggest market, dropped 2.9 percent to $2.33. About 784,000 shares changed hands, more than three times its 90-day average volume.

"We've just turned a little with the strength of the kiwi dollar following the Reserve Bank announcement," said Grant Williamson, a director at Hamilton Hindin Greene.