The S&P/ASX 200 Index was unmoved, rising 1.3 per cent to 6952.8 points at 6pm NZ time.
Attention now switches to the latest United States Federal Reserve interest rate move which will be revealed on Thursday morning NZ time.
Shane Solly, portfolio manager with Harbour Asset Management, said the Australian Reserve Bank expects to increase rates further but it will depend on the latest economic data.
"It is taking a lower trajectory than other central banks," he said. "Like us, Australia is experiencing a slowing housing market but there are less labour price pressures there because they kept their immigration doors opened and filled jobs."
Solly said the US Federal Reserve is expected to raise interest rates by 75 basis points and "what is holding people back is understanding the central bank's pathway. The market rallied hard on the prospect of the Fed reducing the level of rate rises, and it is looking to what's next – 50 or 75 basis points."
At home, Pushpay Holdings was up 2c to $1.27 on trade worth $39.32m a day after announcing the takeover bid by major shareholders Sixth Street and BGH Capital at $1.34 a share. The Pushpay board is backing the bid.
Solly said there is still a gap between the current share price and bid offer and this attracted the risk arbitrage investors. "The market is responding slowly to an underwhelming bid offer."
Fisher and Paykel Healthcare increased 58c or 2.96 per cent to $20.16. It's understood demand for its medical devices is picking up because of the tough flu season in the Northern Hemisphere.
Manawa Energy rose 23c or 4.36 per cent to $5.50 after one broker put out a more positive note about improved hydro generation. Meridian was down 6c to $4.82; Contact declined 7c to $7.48; and Mercury decreased 5c to $5.77.
In the property sector, Vital Healthcare Trust gained 6c or 2.56 per cent to $2.40; Stride was up 3c or 1.88 per cent to $1.63; and Kiwi fell 3c or 3.31 per cent to 87.5c.
Skellerup Holdings increased 10c or 1.89 per cent to $5.40; Vulcan Steel added 21c or 2.56 per cent to $8.42; Sky TV was up 5c or 2.3 per cent to $2.2; Restaurant Brands collected 12c to $7.27; Heartland Group gained 4c or 2.34 per cent to $1.1.75; and PaySauce rose 2.5c or 8.47 per cent to 32c.
Scales Corp, up 9c or 1.9 per cent to $4.783, told the market that the global proteins division earnings for the second half of the 2022 financial year are likely to be higher than the previous corresponding period. The horticulture division is behind the sales forecast, and Mr Apple has sold 79 per cent of its latest export crop, compared with 90 per cent at the same time last year.
Chorus, which was included in a global index, gave up strong gains from the day before, falling 16c or 1.93 per cent to $8.15. Mainfreight was down $1.54 or 2.03 per cent to $74.50.
Port of Tauranga declined 22c or 3.39 per cent to $6.237; a2 Milk was down 8c to $5.72; Freightways shed 14c to $10.21; Seeka decreased 8c or 2.17 per cent to $3.60; Oceania Healthcare slipped 3c or 3.49 per cent to 83c; and Metro Performance Glass fell 2c or 9.09 per cent to 20c.
Auckland International Airport's general manager operations Anna Cassels-Brown is stepping down in January after seven years' service, and the airport's share price was down 11c to $7.59.
Major shareholder Infratil, down 6c to $8.68, told the market that the $1.7 billion sale of Vodafone's New Zealand mobile tower assets has been completed. The assets have been sold to global investors InfraRed and Northleaf Capital Partners and Infratil retains a 20 per cent interest.
Tourism Holdings, declining 4c to $3.65, told shareholders at the annual meeting that full-year net profit would be above $30m and over the past year the company has reviewed, refocussed and refreshed its operations. Waitomo Caves and Kiwi Experience has experienced a pick-up in business.
New Zealand King Salmon Investments declined 2.5c or 10.64 per cent to 21c after telling the market that chief executive Grant Rosewarne has resigned, effective immediately. General manager sales Graeme Tregidga has taken over in the interim.