New Zealand shares fell, led by A2 Milk and Kathmandu Holdings, while Ryman Healthcare and Stride Property Group gained following their results.

The S&P/NZX 50 Index fell 3.04 points, or 0.04 per cent, to 8101.95. Within the index, 22 stocks fell, 20 rose and eight were unchanged. Turnover was $124 million.

A2 Milk led the index lower, dropping 3 per cent to $8.43. The stock traded higher earlier in the day, rising over $9, but there was a big swing when the Australian market, where the stock is also listed, opened in the afternoon, said Grant Davies, investment adviser at Hamilton Hindin Greene.

The shares rose this week after A2's annual meeting, where it said revenue and net profit jumped in the first four months of the current financial year as it continued to benefit from strong demand for infant formula.

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"There has been a bit of profit-taking. I don't think it's anything to panic about. It's within A2's normal trading range," Davies said. "The results have the market pretty excited on the whole about its prospects."

Kathmandu fell 2.8 per cent to $2.42. The outdoor equipment retailer, set to hold its annual meeting today, said this week that first-quarter earnings were up despite sales dipping as it widened margins by selling less discounted stock.

"Most analysts have raised their target price slightly. They're fairly happy with the margins and inventory control," Davies said.

Ryman was the best performer, up 2.6 per cent to $9.45. The country's biggest retirement village operator and developer boosted first-half profit 8.4 per cent to $202.6 million, and lifted its interim dividend, after reaping bigger margins on resales of existing units, even as the broader property market slowed.

The result was underpinned by a 12 per cent increase in the sale of existing occupation rights to 394, with a 37 per cent gain in the value of those sales to $201.8m.

Stride Property Group gained 0.6 per cent to $1.69. The company, which spun out its retail portfolio into a separately listed vehicle last year, posted a 44 per cent gain in first-half profit to $33.3m as growth in management fees and lower costs made up for a decline in rental income.

Fisher & Paykel Healthcare rose 0.2 per cent to $12.62. The shares have dropped 9 per cent this week after New Zealand's biggest listed company said it had increased first-half profit 4 per cent to $81.3m, widened its margins and lifted its forecast for full-year earnings to the top end of its range. Analysts have said the underlying operating results have disappointed the market.

Outside the benchmark index, AFT Pharmaceuticals was unchanged at $2.46. The company, which manufactures the Maxigesic painkiller, narrowed its first-half loss to $6.9 million and said it was still on track to return to profitability this financial year or the next as it increased the number of markets where its products were sold.