New Zealand shares fell, snapping a six-day run of gains, as a stronger kiwi dollar weighed on exporters such as Fisher & Paykel Healthcare and A2 Milk. Skellerup bucked the trend, gaining after it reported increased earnings.
The S&P/NZX 50 index fell 48.46 points, or 0.5 per cent, to 9,284.92. Within the index, 24 declined, 23 rose and three were unchanged. Turnover was $132.9 million.
Exporters were largely weaker, with a stronger kiwi dollar weighing on their earnings. The New Zealand dollar climbed back above 68 US cents on a less dovish outlook from the Reserve Bank than some analysts had expected. January trade data from China, New Zealand's biggest export partner, was also much stronger than expected.
A2 Milk fell 2.7 per cent to $13.20 on a smaller-than-average volume of 906,000, while F&P Healthcare was down 1.4 per cent at $13.70 on a bigger-than-usual volume of 804,000. Retailer Kathmandu, which counts Australia as its biggest market, dropped 2.9 per cent to $2.33. About 784,000 shares changed hands, more than three times its 90-day average volume.
"We've just turned a little with the strength of the kiwi dollar following the Reserve Bank announcement," said Grant Williamson, a director at Hamilton Hindin Greene.