Air New Zealand leads stock index down

ANZ dropped 1.5 per cent to $31.85. Photo / Steven McNicholl

New Zealand shares dipped, led lower by Air New Zealand and Vector, with Arvida Group and Tegel Group Holdings rising.

The S&P/NZX50 Index fell 11.98 points, or 0.2 per cent, to 7062.96. Within the index, 23 stocks fell, 20 rose and seven were unchanged. Turnover was $72.3 million.

Matt Goodson, managing director at Salt Funds Management, said the local market was in a holding pattern ahead of next month's results season, with little news from listed companies.

Air New Zealand led the local index lower, down 1.6 per cent to $2.205.,

Vector fell 1.5 per cent to $3.19 and Australia & New Zealand Banking Group declined 1.5 per cent to $31.85.

"There's a sense from offshore markets post-'Trump Bump'," Goodson said.

"People are having a think about how wise that is as comments from the president-elect continue unabated," he said, noting markets were also waiting for British Prime Minister Theresa May's speech overnight, with reports May was to use the speech to signal a so-called "hard Brexit" from the European Union and to leave the EU's single market.

Arvida Group was the best performer, up 3.1 per cent to $1.35. Tegel Group Holdings rose 2.2 per cent to $1.38, Kathmandu Holdings gained 1.6 per cent to $1.90, and Infratil advanced 1.1 per cent to $2.895.

ANZ Bank New Zealand today appointed Stewart Taylor as chief financial officer, Craig Mulholland as managing director of wealth and David Bricklebank as general counsel and company secretary.

Taylor was the finance head of ANZ's commercial and agri division, while Mulholland was general counsel and company secretary until his promotion.

Bricklebank was previously associate general counsel.

Outside the benchmark index, New Zealand Oil & Gas gained 0.8 per cent to 64c.

It has taken control of Cue Energy Resources almost two years after launching a hostile takeover of the ASX-listed company, saying the move provides exposure to production and exploration interests in Australia, New Zealand and Indonesia.

NZOG bought 13.5m Cue shares at a total cost of A$1.1m, or A8.32c a share, to lift its stake to 50.01 per cent.

In 2015, NZOG made a hostile takeover bid for Cue at A10c a share after buying 19.99 per cent of the company. Cue shares last traded at A9.1c.