"Oceania was going to have a flat 12 months anyway, but that revaluation headline spooked the market," Brad Gordon, an investment adviser at Hobson Wealth said.
Other retirement stocks had a mixed response to the sector's first earnings report post-covid.
Arvida Group declined 1.2 per cent to $1.62 and Summerset Group Holdings fell 0.5 per cent to $7.85. Ryman Healthcare gained 0.4 per cent to $13.64 and Metlifecare held at $5.91.
Stuart Williams, head of equities at Nikko Asset Management, said that, even within sectors, various stocks in the benchmark had been moving in different directions.
"It is just normal investors' interpretation of company specifics as opposed to some global overview," he said.
Chorus dropped 2.6 per cent to $7.25 as the Commerce Commission began consulting on regulatory changes that will affect the company's future return expectations.
Spark New Zealand fell 0.9 per cent to $4.865 after gaining almost 10 per cent this month. Gordon said this had been driven by steady demand for yield stocks.
"The catalyst has been people rolling off term deposits and looking for alternatives," he said.
Vector, which is also considered a yield play, rose 2.9 per cent to $3.93, bringing its gain this month to more than 8 percent.
Fisher & Paykel Healthcare dropped 1.8 per cent to $35.35, the strong kiwi dollar is acting as a headwind for the exporter which is trading at near its record high.
Auckland International Airport dropped 1.7 per cent to $6.31 while Air New Zealand rose 0.8 per cent to $1.33.
Z Energy extended its rally after reporting better than expected first-quarter cost savings and improved market share. The stock rose 1.7 per cent to $2.94.
New Zealand Refining Company, in which Z Energy is a cornerstone shareholder, rose 1.5 per cent to 69 cents, extending yesterday's gains after it announced it had "detailed planning" underway to simplify the refinery.
Argosy Property rose 3.3 per cent to $1.27, posting the day's biggest gain, but other property stocks were mixed.
Stride Property and Kiwi Property Group each dropped 0.5 per cent to $1.94 and $1.07 respectively. Vital Healthcare Property Trust gained 1.9 per cent at $2.66 and Goodman Property Trust rose 1.4 per cent to $2.22.
Sky Network Television opened stronger after Jarden upgraded the stock and said establishing a sustainable operating model was not an "insurmountable task". However, the early gains faded, and the stock ended flat at 14 cents.
Outside the benchmark index, Cavalier Corp leapt 22.7 per cent to 27 cents. The wool and carpet company today said stock levels had decreased "significantly" to about $35 million, on the back of "stronger than anticipated" trading through June, particularly in wool sales.
