NEW ZEALAND shares fell yesterday, giving up much of the previous day's gains, with trading dominated by earnings season. Port of Tauranga slipped after posting a record profit that met estimates, stock market operator NZX dropped and Telecom declined ahead of its results today.
The NZX 50 fell 21.65 points, or 0.5 per cent, to 4529.86. Within the index, 20 stocks fell, 19 gained and 11 were unchanged. Turnover was $141 million.
Port of Tauranga, the nation's busiest export port, fell 2.4 per cent to $14.35. Net profit of $112.1 million in the year ended June 30 was up 52 per cent on the previous year and was close to First NZ Capital's expectation of $112.9 million. The company will not provide guidance until its annual meeting on October 24.
NZX fell about 3 per cent to $1.31. The market operator doubled first-half profit as it benefited from new listings, a surge in trading activity and fees for running market operations, making up for a drought-affected NZX Agri division.