New Zealand shares dipped from a record in busy trading, as investors took profits on Freightways and Ryman Healthcare, while Synlait Milk and A2 Milk found themselves back in favour.
The S&P/NZX 50 Index edged down 2.72 points, or 0.03 per cent, to 8,975.75, after being poised to close at a new record. Within the index, 22 stocks rose, 18 fell and 10 were unchanged. Turnover was $283.4 million.
"There might be a bit of profit-taking in some stocks today - Freightways and Ryman Healthcare, both those stocks have had fantastic rallies in recent times," said Grant Williamson, a director at Hamilton Hindin Greene. "Ebos is another that has come off a wee bit as well. Overall, it is another solid day."
Freightways was the worst performer, down 4 per cent to $7.96, and Ryman fell 1.2 per cent to $11.86. Ebos Group dropped 1.1 per cent to $18.17.
A2 Milk was the most heavily traded stock on the index, with $52.8 million in turnover, and rose 3.5 per cent to $11.90.