"Over the next week or two we might start to get an idea of what we're in for," Davies said.
Spark New Zealand was the most traded stock on a volume of 2.8 million shares, well down on its 5.1 million average. The shares fell 1.5 per cent to $3.99. ASX-listed Vocus Group, whose New Zealand division is the country's third-biggest broadband player, today said its Kiwi business continued to be a strong performer and was well-positioned for growth.
Kiwi Property Group rose 0.3 per cent to $1.615 on a volume of 2.4 million shares, almost twice its 1.4 million average. Precinct Properties New Zealand increased 0.6 per cent to $1.75 on a volume of 1.1 million shares.
Property stocks have been in demand in the globally low interest rate environment, which has helped keep New Zealand's benchmark index near an all-time high. Property For Industry rose 0.5 per cent to $2.21 on a volume of 911,000 and Goodman Property Trust was up 0.5 per cent at $1.93 on a volume of 867,000 units.
Tourism Holdings dropped 5.3 per cent to $3.60 as 86,000 shares changed hands, less than half its 175,000 average. Synlait Milk declined 2.7 per cent to $9.05.
Fonterra Shareholders' Fund units were down 0.8 per cent at $3.75, having hit a record low $3.73. Dairy prices fell at the latest Global Dairy Trade auction, and investors are unconvinced that Fonterra's efforts to pare back its businesses will improve its profitability.
The cooperative's farmer-owned shares fell 0.5 per cent to $3.75, giving a market capitalisation of $6.04 billion. When Fonterra listed the fund at $5.50 a unit in 2012, the cooperative's implied market cap was $8.72b.
NZX was unchanged at $1.12. Its June metrics showed an increase in share trading volumes, although on lighter volumes, and more activity being done on the formal market.
Shares of Pushpay Holdings were halted at $3.79 to allow founder and former chief executive Chris Heaslip to sell down his stake in an orderly fashion, using a bookbuild managed by Deutsche Craigs. The investment bank underwrote the sale.
Outside the benchmark index, Cannasouth jumped 14 per cent to 33 cents after the medicinal cannabis firm said it will receive R&D support from Callaghan Innovation.
Auckland International Airport's 2023 bond paying 3.674 per cent annual interest was the most traded debt security on a volume of 663,000 notes. They closed at a yield of 2.02 per cent, down 6 basis points. The airport operator's shares fell 1.5 per cent to $9.62, or a gross yield of 3.13 per cent.