The sharemarket closed lower for its fourth consecutive session in the absence of substantial news affecting stocks.
The NZX-50 index closed down 18.88 points, or 0.4 per cent, at 4252.03.
"I think the market's pretty much range-bound in the absence of any real news flow," said Matt Willis
of ABN Amro Craigs. "It feels a little flat at the moment."
Ongoing themes affecting the market were the high dollar, rising interest rates, and merger and acquisition activity.
"Obviously the June balance date is coming up, and attention is possibly starting to turn towards the prospects for the reporting season," Willis said.
After closing up 18c on Monday following the announcement managing director Evan Davies was standing down, SkyCity shares fell 3c to $5.16.
The company is returning its focus to the key Auckland casino, and streamlining the business through asset sales and removing costs.
"They clearly see that a new MD is going to be better placed to take the company in that direction," Willis said.
Among other top stocks, Telecom lost 4c to $4.52, Fletcher Building rose 2c to $12.50, Contact Energy was flat at $9.10, Fisher & Paykel Healthcare fell 7c to $3.32, and F&P Appliances was also down 7c at $3.65.
Auckland International Airport rose 2c to $3.21 amid a lull of information on potential takeover activity.
"It's gone a bit quiet on the news front there, but the market's still anticipating no doubt something emerging there," he said.
The Warehouse closed down 2c at $5.99, giving back early gains after announcing it had sold a 50 per cent stake in The Base retail complex at Te Rapa to Tainui Group Holdings for $37.4 million.
Among the risers, Freightways was up 8c at $4.10, Calan Healthcare put on 3c to $1.33, Steel & Tube jumped 15c to $4.60, and NZ Refining gained 7c to $7.29.
- NZPA
