Sharemarket 'cools off' after strong week

Sanford shares gained 2.6 per cent to $7.90.

New Zealand shares fell slightly with Metro Performance Glass hitting a record low, while A2 Milk Co and Synlait Milk extended last week's gains.

The S&P/NZX 50 Index dipped 1.5 points, or 0.02 per cent, to 7928.89. Within the index, 22 stocks fell, 15 rose and 13 were unchanged. Turnover was $139 million.

"Last week the New Zealand market had its best week since the middle of June -- we're probably just cooling off slightly," said Mark Lister, head of private wealth research at Craigs Investment Partners.

Metro Performance Glass led the index lower, down 2 per cent to 98c, a record low. The shares have dropped over the past 12 months, having traded at $2.22 last October, with two sharp drops in February and August this year.

"It has been one of the worst performers of the last few months. It has more than halved in value in the last year, it's looking pretty ugly if you're an investor," Lister said.

"You'd think they would have been able to capture some of that construction industry strength over the last couple of years, but they haven't, and people are of the view that they've sort of missed the boat."

A2 Milk Co was the best performer, up 3.7 per cent to $6.67, while Synlait Milk gained 1.8 per cent to $6.75. The two have gained strongly this year as sales and market access to China has improved, with A2 up 202 per cent and Synlait 113 per cent so far.

"Certainly there are a few people thinking maybe A2 and Synlait have run a little too hard in the short term given the strength we've seen, which has been nothing short of phenomenal," Lister said.

"Whether they can sustain those gains is another story."

He said agricultural stocks were in vogue, especially those with exposure to China.

Sanford gained 2.6 per cent to $7.90, while Comvita finished unchanged at $7.50, though it had traded higher during the day.

Outside the benchmark index, Veritas Investments jumped 25 per cent to 8c after it announced it had its debt deadline partially extended by its bank to allow continuing discussion of possible deals.

In August, ANZ Bank New Zealand said it would not renew $28.5m in banking facilities which come due in October and November this year. Veritas today said the debt due to mature today had been extended until November 30, meaning the majority of its debt now matures then.