New Zealand shares dropped as an Australian public holiday saw a quiet day where the benchmark index fell, led lower by Air New Zealand and Trustpower, while Metro Performance Glass gained.
The S&P/NZX50 Index dropped 58.36 points, or 0.7 per cent, to 8,311.42. Within the index, 23 stocks fell, 18 rose and 9 were unchanged. Turnover was $71.7 million.
"With Australia closed for Australia Day there's not as much activity, and there might be a few people heading off early for the long weekend so it does feel like it's a bit subdued out there," said Mark Lister, head of private wealth research at Craigs Investment Partners.
"We're also pretty close to reporting season, a lot of people are just watching and waiting. You'd still call it a pretty quiet start to the year in terms of activity and returns."
Air New Zealand led the index lower, down 2.7 per cent to $2.91. The stock has suffered as crude oil prices have steadily risen.