New Zealand shares fell as investors took the opportunity to take profit from high-growth stocks to raise cash ahead of the government's public listing of Genesis Energy. Pacific Edge, Diligent Board Members Services, A2 Corp and Xero declined.
The NZX 50 Index fell 17.463 points, or 0.3 percent, to 5122.519. Within the index, 29 stocks fell, 11 rose and 10 were unchanged. Turnover was $115.7 million.
Investors sold shares to make room in their portfolios for the partial privatisation of Genesis, of which 40 percent has been set aside for institutional investors, and which is being touted for its relatively high dividend yield.
Pacific Edge dropped 5.9 percent to $1.27. The maker of a non-invasive bladder cancer test has gained 103 percent in the past 12 months. A2 Corp, the milk marketing company, fell 2.2 percent to 89 cents, having advanced 55 percent in the past year.
Xero, the cloud-based accounting software firm, slipped 0.5 percent to $39.15, trimming a 900 percent in the past 24 months. Diligent, the governance app company, declined 1.2 percent to $4.10 after a two-year, 24 percent gain.