Strong currency weighs down exporters

The S&P/NZX 50 Index dropped 144.40 points, or 1.2 percent, to 11,793.16. Within the index, 28 stocks fell, 12 rose and 10 were unchanged. Turnover was $190.8 million.

The index has retreated quickly from its foray into record territory, dropping 2.7 percent since hitting an all-time high on Friday.

An uncomfortably strong currency is putting pressure on listed exporters - F&P Healthcare fell 3.6 percent to $35.51 and A2 Milk dropped 1.6 percent to $18.30.

Both stocks, which together comprise more than a quarter of the index, are sensitive to the exchange rate.