ANZ shares lower as index climbs back down

Within the index, 23 stocks rose, 16 fell and 11 were unchanged.

New Zealand shares fell, led by Australia & New Zealand Banking Group and Spark New Zealand, as investors said they want more evidence of growth prospects after the benchmark index surged 8.5 per cent in a four-week rally to a record high. Xero, Heartland New Zealand and Warehouse Group rose.

The S&P/NZX 50 index fell 0.06 per cent, or 3.89 points, to 6069.74. Within the index, 23 stocks rose, 16 fell and 11 were unchanged. Turnover was $105.9 million.

"October was the best month in six years, so we're coming off a very strong period," said Mark Lister, head of private wealth research at Craigs Investment Partners.

ANZ Bank led the index lower, falling 3.7 per cent to $28. The Australia lender went ex-dividend today, meaning investors are no longer entitled to its 95c-a-share final payment.

Spark fell 3.2 per cent to $3.33 after the nation's biggest communications company confirmed earnings guidance and dividend expectations at its annual meeting in Auckland yesterday. Chairman Mark Verbiest said the 2016 financial year was off to a "good start", with first-quarter results "on plan". Managing director Simon Moutter told the meeting that Spark expected to overtake Vodafone New Zealand as the leading provider of mobile services in the current financial year as the company revives its fortunes following the rebranding of Telecom to Spark.

Xero grew 5.9 per cent to $19.32 after posting its interim results on Thursday.

Heartland rose 3.2 per cent to $1.30. The listed bank announced yesterday it would simplify its corporate structure by amalgamating all its businesses, including its senior finance unit and Harmoney Corp investment, and has signalled plans to return up to $100 million to shareholders.

Warehouse rose 2.2 per cent to $2.77. The largest listed retailer launched its long-heralded financial services brand, Warehouse Money, and also announced plans to launch a pre-pay mobile brand later this month. Warehouse boosted first-quarter sales 7.7 per cent to $634.5 million and improved margins at its discount chain ahead of the key Christmas trading period.

Coats Group gained 1.5 per cent to 68c. Port of Tauranga rose 1.4 per cent to $18.75 and Diligent Corp advanced 1.3 per cent to $6.08. Auckland International Airport fell 0.7 per cent to $5.42 and Trade Me Group declined 0.5 per cent to $3.83.