"There are several IPOs coming up in the next month or so. Most portfolios are pretty well set, so they're awaiting these new opportunities to see if they'll put additional cash towards new issues."
Infratil, the infrastructure investor, fell 2.4 percent, or 6 cents, to $2.44 after it shed rights to its final 7 cents dividend.
Air New Zealand fell 1.8 percent to $2.16. Trade Me Group dropped 1.4 percent to $3.58 and Telecom declined 0.9 percent to $2.645. Fletcher Building, New Zealand's largest listed company, slipped 0.8 percent to $9.13.
MightyRiverPower fell 0.7 percent to $2.235. The government-controlled energy generator and retailer said it was mulling a $250 million unsecured subordinated capital bonds offer, which it would use to repay bank debt and extend its funding profile.
Pacific Edge fell 1 percent to 97 cents ahead of the security software company releasing its full-year earnings tomorrow.
Outside the benchmark index, Green Cross Healthcare rose 1.5 percent to $1.35, after the healthcare provider formerly known as PharmacyBrands said it boosted annual profit 14 percent to $18.8 million, as its new pharmacy and medical acquisitions came on stream.
Moa Group fell 11 percent to 55 cents after the boutique beer maker posted a wider full-year loss of $5.8 million and said major shareholders Pioneer Capital and the Business Bakery have committed to providing enough financial support to allow the company to keep operating for at least the year ahead.
Tower fell 0.6 percent to $1.70 after the general insurer reported a 70 percent slide in first-half earnings to $13.1 million, reflecting gains from asset sales a year earlier that weren't repeated.
Kirkcaldie & Stains was unchanged at $2.00. The Wellington department store has entered into separate conditional sale and purchase agreements for the sale of the two buildings comprising its Harbour City Centre.