The New Zealand benchmark index dipped back below 8,000 as Genesis Energy and Mainfreight dropped, while Xero recovered somewhat from recent selling.
The S&P/NZX50 Index fell 8.06 points, or 0.1 per cent, to 7,999.94. Within the index, 23 stocks fell, 19 rose and eight were unchanged. Turnover was $186 million.
Metro Performance Glass led the index lower, down 4.4 per cent to 86 cents, while Genesis dropped 3.5 per cent to $2.375. David Price, broker at Forsyth Barr, said Genesis had released monthly customer statistics today.
"They had their second-worst month ever, losing 3,400 customers," Price said. "One of the things we have seen in the past is that the cost of getting customers has continued to creep up, the last number was about an eighteen-month payback as they give people inducements. I'm not saying they're at that stage yet but that's something you wouldn't want to see re-starting because it becomes a bit of a race to the bottom from the retail side."
Mainfreight fell 1.5 per cent to $23.75. The transport and logistics group posted first-half results that missed its own expectations, but is still trading at a high enough multiple to leave it vulnerable to any further disappointment. Profit rose to $42.2 million in the six months ended September 30 from $41.8m a year earlier, the Auckland-based company said today. Sales rose to $1.2 billion from $1.1b.