New Zealand shares were mixed, with Z Energy dropping on an earnings downgrade while Air New Zealand bounced back from recent selling.
The S&P/NZX50 Index fell 27.73 points, or 0.3 per cent, to 8,307.63. Within the index, 22 stocks rose, 18 fell and 10 were unchanged. Turnover was $99 million.
Z Energy fell 2.3 per cent to $7.52. It cut annual guidance by about $20m following a weaker-than-expected performance in the December quarter, due to a shutdown of the New Zealand Refining fuel pipeline to Auckland and the rising price of crude oil.
The company said replacement cost operating earnings before interest, tax, depreciation, amortisation and fair value adjustments (ebitdaf) will be between $430m and $455m in the year to March 31, down from a previous range of $445m-to-$475m.
"It probably didn't start the day off particularly well but it hasn't been too bad," said Grant Williamson, director at Hamilton Hindin Greene. "Obviously the reasons for the downgrade are mostly outside of its control, and the supply disruption is seen as a one-off by most investors."