Lister said there was still caution out there. On Wednesday the Reserve Bank is expected "for all money" to increase the official cash rate 50 basis points to 2.5 per cent. "It's a headwind that's not going away."
Also, the latest United States inflation rate – released on Thursday morning (NZ time) - is predicted to rise to 8.8 per cent, from 8.6 per cent.
"The US reporting season starts this week with the big banks and investors will closely be following their outlook statements. There's plenty weighing on investors to cause them to pause.
"If US inflation did come under 8.6 per cent, there would be a big sigh of relief and expect a further rebound in the markets," said Lister.
Across the Tasman, the S&P/ASX 200 Index was down 1.07 per cent to 6606.3 points at 5.45pm NZ time.
At home, heavyweight Fisher and Paykel Healthcare drove the market down, falling 58c or 2.71 per cent to $20.83.
Auckland International Airport was down 8c to $7.28, a2 Milk declined 14c or 2.74 per cent to $4.97; Port of Tauranga shed 17c or 2.5 per cent to $6.63; Fletcher Building decreased 7c to $5.08; and Restaurant Brands shed 22c or 2 per cent to $10.78.
Among the energy stocks, Meridian increased 13c or 2.74 per cent to $4.88, Contact gained 8c to $7.41; Manawa (formerly Trustpower) collected 8c to $6.28; and Vector was up 4c to $4.39.
Summerset Group was up 5c to $10.25 after telling the market it has had the second-best first half ever with 511 sales. In the June quarter Summerset had 122 new sales and 110 resales, and is on track to deliver 600 homes in the 2022 financial year.
Other retirement village operators Ryman Healthcare was down 8c to $8.87, and Oceania Healthcare increased 3c or 3.23 per cent to 96c.
Hallenstein Glasson increased 14c or 2.69 per cent to $5.34 after announcing Rob Brown as the new chief executive for menswear retailer Hallenstein Brothers. Brown has been the brand manager for Sydney-based True Alliance since 2009.
Fellow retailer Briscoe Group declined 10c or 1.82 per cent to $5.40.
Other gainers were Freightways improving 10c to $9.90; Rakon up 3c or 2.19 per cent to $1.40; T&G Global increasing 8c or 2.96 per cent to $2.78; and Vulcan Steel collecting 14c to $9.08.
Several small caps edged ahead. NZ Windfarms was up 0.008c or 4.06 per cent to 20.5c; Private Land and Property Fund increased 4.3c or 3.5 per cent to $1.273; Enprise Group gained 4c or 3.42 per cent to $1.21; and Chatham Rock Phosphate collected 2c or 5;.71 per cent to 37c.
Chorus, down 8.5c to $7.25, reported that total fibre connections increased by 20,000 to 959,000 in the fourth quarter, slightly down from 21,000 in the previous quarter. Fibre uptake across the ultrafast broadband network is now 69 per cent.
Synlait Milk declined 5c to $3.30; Fonterra Shareholders' Fund was down 6c or 1.88 per cent to $3.13; Vital Healthcare Property Trust decreased 5c or 1.85 per cent to $2.65; The Colonial Motor Company shed 20c or 2.07 per cent to $9.45; and South Port New Zealand was down 20c or 2.53 per cent to $7.70.
Two Fisher-managed funds had a good day. Kingfish increased 4c or 2.55 per cent to $1.61, and Marlin Global was up 3c or 2.65 per cent to $1.16
Investore Property is buying back 5 per cent or 18.4m of its shares on market over the next 12 months. Its share price was unchanged at $1.69.
