New Zealand shares dipped as heightened global volatility continued to subside, while insurer CBL Corp was suspended pending regulatory investigations and Fletcher Building signalled another profit warning.
The S&P/NZX50 Index fell 17.59 points, or 0.2 per cent, to 8,177.14. Within the index, 23 stocks fell, 19 rose and eight were unchanged. Turnover was $109 million.
"The market has calmed down a little bit since Monday, but I don't know if we're out of the woods in terms of volatility," said Grant Davies, investment adviser at Hamilton Hindin Greene. "The New Zealand market is pretty flat today and trading is lighter, people are being a bit cautious and letting the dust settle."
The biggest news stories of the day were two stocks which couldn't trade: Fletcher Building and CBL Corp.
NZX Regulation suspended CBL due to concerns over its continuous disclosure obligations following engagement between it, CBL, the Financial Markets Authority, the Reserve Bank, and a number of overseas regulators with prudential oversight of CBL's international insurance business. The suspension will continue until NZXR is satisfied that all material information has been released to the market and that the information is complete and accurate, with the regulator unable to confirm how long that will last, it said. CBL had been in a trading halt at $3.17 since Monday.