The New Zealand sharemarket tumbled 1% to a near-low for the year, triggered by a sell-off in leading stocks and not the tax-friendly Budget.

Heavyweights Fisher & Paykel Healthcare and Mainfreight made gains with pleasing annual results, but they weren’t enough to lift the New Zealand sharemarket higher.

New Zealand sharemarket drifted to a fall of more than half a percent on a mixed bag of local company results – though the commercial property sector is showing signs that valuations are settling.

Former New Talisman Mine chief executive Matthew Hill has been ordered to pay $100,000 for making false and misleading comments online.

Technology firm Vista Group dominated the trading and price movements, rising 14%, after gaining a new majority shareholder on an otherwise quiet day on the New Zealand sharemarket.

An uncertain New Zealand sharemarket followed a sharp fall on Wall Street, now losing faith in an early interest rate cut, with a small loss after a late recovery in the day.

Another rumour of a takeover bid for Fletcher Building, the country’s largest construction company, energised the New Zealand sharemarket for a rise of more than half a percent.

The New Zealand sharemarket fell sharply and then recovered its nerve after the Reserve Bank dashed hopes of an early cut to interest rates.

Strong earnings results from Infratil and Turners Automotive, reporting a record year, could not stem a half a percent fall on the New Zealand sharemarket.

A surging Gentrack gave the New Zealand sharemarket and the company reporting season a positive tone with strong revenue growth and an earnings upgrade.

The New Zealand sharemarket closed down slightly ahead of reporting season getting into swing next week.

The New Zealand sharemarket snapped out of its malaise with a strong rally of 1.75% – the biggest single-day rise in seven months.

The New Zealand sharemarket plunged to its lowest level in six months as the weak economy continues to dampen investors’ appetite.

Ryman Healthcare sprang into life, gaining more than 4% on heavy trading, while the New Zealand sharemarket had another down day.

The New Zealand sharemarket tumbled to its lowest level in 15 weeks following another earnings downgrade – this time from Fletcher Building, which fell nearly 10%.

After posting four out of five falls this week, the New Zealand sharemarket has slipped back into negative territory for the year.