New Zealand shares fell in heavy trading as large investors rejigged their portfolios for a semi-annual index review. Fisher & Paykel Healthcare gave up more gains after yesterday's record profit.

The S&P/NZX 50 Index fell 24.39 points, or 0.2 per cent, to 10,123.32. Within the index, 21 stocks fell, 23 rose, and six were unchanged. Turnover was $264.4 million, of which Auckland International Airport accounted for $48.3m.

Trading was busier than usual with an extended session to allow for semi-annual reweightings of MSCI equity indices. Meridian Energy was the most traded stock on a volume of 6.5 million, more than its 1.3 million 90-day average. It fell 0.5 per cent to $4.29.

Spark New Zealand fell 0.9 per cent to $3.765 with 5.8 million shares traded, in line with its usual volume. Auckland International Airport fell 1.1 per cent to $8.525 on a volume of 5.7 million shares, compared to its 1.2 million average.

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F&P Healthcare led the market lower, down 4 per cent at $15.43 on a bigger volume than usual of 1.9 million shares. The breathing mask maker has been one of the top performers this year, but gave up some of those gains for a second day having yesterday reported a record profit.

Mainfreight posted the biggest gain on the day, up 4 per cent at $37.45 on a volume of 185,000 shares, more than four times its average of 41,000. The global transport and logistics firm lifted annual profit 28 per cent.

Greg Smith, head of research at Fat Prophets, said the two companies reported "pretty good results", and while they're different businesses, the different reactions showed the market wasn't a "one-way street".

Arvida Group increased 0.8 per cent to $1.31 after reporting strong earnings growth from its new village acquisitions and resales of existing occupation rights. Smith said the bulk of the company's business was outside Auckland which insulated it from a cooling property market in the country's biggest city.

Synlait Milk rose 0.9 per cent to $9.24 after raising its forecast farmgate payment to its suppliers and projecting a higher payout for the upcoming season. A2 Milk, which counts Synlait as a supplier, rose 1.4 per cent to $15.85 on a volume of 1.1 million shares.

Air New Zealand fell 2.2 per cent to $2.65 on a volume of 1.4 million shares. Yesterday it downgraded its earnings guidance on increased jet fuel prices and signalled a major capital spending programme on new Boeing planes.

Of other companies trading on volumes of more than a million shares, Kiwi Property Group rose 0.3 per cent to $1.565, Ryman Healthcare fell 0.5 per cent to $11.40, Infratil increased 0.5 per cent to $4.32, Contact Energy decreased 0.4 per cent to $7.33, and Chorus rose 3.8 per cent to $5.78. SkyCity Entertainment Group was down 0.5 per cent at $3.81, Mercury NZ slipped 0.8 per cent to $3.86 and Precinct Properties New Zealand fell 0.6 per cent to $1.66.

Outside the benchmark index, Eroad was unchanged at $3.09 after reporting increased revenue and underlying earnings. The annual loss widened on increased R&D spending and the adoption of new accounting rules.

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The most traded debt security was Vector's 2025 bonds which pay annual interest of 3.45 per cent. The notes last traded at an unchanged yield of 3.18 percent on debut. Vector shares increased 0.8 per cent to $3.76.