Big falls in a2 Milk and Fletcher Building saw the share market trade lower as investors played catch-up with weakness in foreign markets once trade resumed after the long Queen's Birthday weekend.
By midday, the country's biggest stock by market capitalisation, dual listed a2 Milk, was trading 83 cents or 5.25 per cent down at $14.97, as its price caught up with weakness yesterday in Australia.
Construction and building materials group Fletcher Building was trading at $5.13, down 12c or 2.3 per cent, after issuing a $30 million earnings downgrade for the 2019 year.
The partly a2 Milk-owned Synlait Milk - which is currently embroiled in a land dispute at Pokeno - dropped 36c or 4 per cent to $8.41
By midday the S&P/NZX50 index was 1 per cent down at just over 10,000 points.