New Zealand shares were mixed as dividend payments weighed on investors' minds, with smaller payments from NZ Refining and Comvita dragging down those stocks and a bigger payment for Fliway Group stoking demand for the logistics company.
The S&P/NZX Index increased 5.17 points, or 0.1 per cent, to 7,467.33. Within the index, 27 stocks gained, 19 fell and five were unchanged. Turnover was $155.4 million.
New Zealand's stock market has been trading near record highs as investors in search of yield are drawn to the country's relatively high dividend paying shares in a world where interest rates keep a lid on investment income. That dynamic has seen companies rewarded for increasing their dividend payments, or punished for trimming their returns.
New Zealand Refining shares dropped 7.8 per cent to $2.36 and Comvita fell 6.6 per cent to $9.89 after the two companies trimmed their dividend payments from a year earlier when reporting their earnings.
In the case of NZ Refining, falling refining margins were expected with the global overhang of oil, and the interim dividend of 3c per share was more than what Forsyth Barr was expecting, while Comvita cut its dividend payout ratio to reinvest earnings into growth opportunities.