Some 104 million shares were traded on Friday, compared with 18.3 million today and the 28.9 million daily average for the past three months.
Kathmandu led the market higher, up 5.6 per cent at $2.46 on 86,000 shares, about half its average volume.
The retailer will report first-half earnings next Tuesday, having warned of sluggish sales in the Christmas and New Year period. Cornerstone shareholder Briscoe Group increased 0.3 percent to $3.35.
Managing director Rod Duke last week reiterated his interest in taking control of Kathmandu. Warehouse Group, which dropped out of the NZX50, will report first-half earnings tomorrow.
Price said investors will be watching for further signs that the retailer's new strategy is improving margins.
The shares fell 2.4 per cent to $2.08. Dual-listed Michael Hill International rose 2.7 percent to 77 cents on a volume of 1.1 million, about three times the 90-day average.
Listed milk processors Synlait Milk and Fonterra Cooperative Group are reporting first-half earnings on Wednesday.
Craigs Investment Partners analyst Adrian Allbon expects the results will show vastly different outcomes, with Synlait likely to report earnings growth and Fonterra contending with an over-geared balance sheet.
Synlait shares increased 0.1 per cent to $11.20 on a volume of 242,000 shares, twice its three-monthly average. Fonterra Shareholders' Fund units rose 1.4 per cent to $4.35 on a volume of 238,000, below its 393,000 average.
A2 Milk, which counts both firms as suppliers, fell 0.8 percent to $13.82 with 457,000 shares changing hand, less than half the usual volume.
Glass products maker Metro Performance Glass, which isn't on the benchmark index, dropped 7.7 per cent to 48 cents after downgrading its earnings guidance again, citing a poor performance from its Australian division.
A slowing housing market across the Tasman has weighed on Fletcher Building in recent months after the country's biggest listed construction company cited tougher Australian conditions as a headwind.
It rose 3.4 per cent to $4.83 on a smaller than usual volume of 499,000. Contact Energy was the most traded stock today on a volume of 2.4 million, more than its 90-day average of 1.5 million.
It rose 1.1 percent to $6.47. Auckland International Airport gained 0.6 percent to a record close of $7.99 on a volume of 2 million.
Spark New Zealand increased 0.6 percent to $3.645 on a volume of 1.7 million, less than a third of its three-monthly average.
Summerset Group posted the biggest decline in the benchmark index, down 2.8 per cent at $6.71 on a smaller volume than usual of 182,000. Chorus decreased 0.5 percent, or 3 cents, to $5.81 after shedding rights to a 9.5 cent dividend.
