Chinese data adds to investors' worries

Air New Zealand ended down 1.8 per cent at $2.75. Photo / Grant Bradley

New Zealand shares fell, led by A2 Milk and Air New Zealand, as weaker-than-expected data out of China compounded jitters after a ransomware attack that locked up more than 200,000 computers in more than 150 countries and a missile test by North Korea.

The S&P/NZX 50 Index fell 22.44 points or 0.3 per cent to 7429.94.

Within the index, 19 stocks rose, 11 were unchanged and 20 fell. Turnover was $161 million.

Trading in New Zealand was "very flow driven" given a dearth of domestic news, said Brad Gordon, investment adviser for Hobson Wealth Partners.

China's activity and spending data for April came in slightly below consensus, which likely weighed on sentiment given New Zealand and Australia's exposure to that market.

Investors may also have been sidelined after North Korea today said it had successfully tested a newly developed mid-to-long range missile on Sunday aimed at verifying the capability to carry a "large scale heavy nuclear warhead".

The missile landed in the sea 97km south of Russia, Reuters reported.

And news of the ransomware attack likely added to investors' nerves.

A2 Milk, which has significant exposure to China, shed 2.5 per cent to $3.45, while Air New Zealand ended down 1.8 per cent at $2.75.

Precinct Properties New Zealand shed 2.0 per cent to $1.20.

Kathmandu Holdings ended down 2.0 per cent at $1.99 despite news that retail sales surged in New Zealand in the first quarter.

Spark New Zealand fell 1.7 per cent to $3.68.

In the other direction, Trustpower added 1.6 per cent to $5.10 after it lifted annual profit 37 per cent as the electricity generator-retailer's earnings were bolstered by strong hydro production and favourable prices in Australia, and a full-year contribution from King Country Energy.

Ryman Healthcare, New Zealand's biggest listed retirement village operator, announced plans for a sixth village in Australia, a $100m development in the Victorian city of Geelong. The stock added 0.4 per cent to $8.62.

Goodman Property Trust added 1.2 per cent to $1.23 while Infratil added 1.2 per cent to $2.985.

Both companies might be benefiting as investors turned to high-yielding stock in a low-interest-rate environment, Gordon said.

Ryman Healthcare, Goodman Property Trust and Infratil were all due to report earnings this week, he said.