New Zealand shares fell yesterday as global transport group Mainfreight said full-year earnings would miss analyst estimates and Xero snapped a stellar run, falling from a record high as some investors took profits.
The NZX 50 fell 6.92 points, or 0.2 per cent, to 4342.51. Within the index, 23 stocks fell, 21 gained, and six were unchanged. Turnover was $165 million.
Mainfreight fell 4.7 per cent to $11.20 after managing director Don Braid gave a range of $137 million to $139 million for pretax earnings, compared with a current market consensus for the full year of $146 million.
"It's still a great stock but this shows if you don't hit your guidance this is a market that doesn't take any prisoners on the downside," said James Smalley, client adviser at Hamilton Hindin Greene.