The New Zealand sharemarket is expected to remain volatile over coming weeks as investors take profits amid jitters over the US Federal Reserve turning off its money tap.
The NZX-50 closed flat yesterday, up 0.04 per cent at 4455.33, after markets around the world fell from their mid-May highs.
Calculations by Mark Lister, head of private wealth research at Craigs Investment Partners, show New Zealand's benchmark index has fallen about 4.7 per cent since May 13, just three days after the listing of Mighty River Power.
Australia's ASX 200 and London's FTSE100 are both down 6.2 per cent since May peaks and America's S&P500 has fallen 3.6 per cent.
Lister said markets had had such a good run that people had been looking for an excuse for a sell-off. "Markets don't go up in straight lines forever."