Spark New Zealand fell 0.3 per cent to $3.97 and continued to be one of the more heavily traded stock on the day. Just over 2 million shares changed hands, against its 3.1 million three-month average. Sentiment may have been weighed by news that Vodafone New Zealand, owned by Infratil and Brookfield Asset Management, will be ahead of the pack as it plans to switch on a 5G network in Auckland, Wellington, Christchurch and Queenstown in December.
Spark has been pushing for access to the 5G spectrum in order to have a network up and running by July next year.
In the other direction, Z Energy lifted 0.3 per cent to $6.51. Earlier it said it will use the strength of its two brands and its increasing data capability to better target different customer segments and counter the threat from new outlets being built by smaller competitors.
Electricity companies also fared well on the day. Mercury NZ led the market higher, up 4 per cent at $4.75 on about a third of its usual volume. Meridian Energy rose 2.7 per cent to $4.83.
"I would attribute that to the on-going yield focus for investors," said Kinnaird. She noted yield becomes more critical in a low interest rate environment.
Earlier today the US Federal Reserve cut rates by 25 basis points, as expected, for the first time in a decade, upping the ante on the Reserve Bank to cut rates next week. Economists are widely expecting the RBNZ to cut rates by 25 basis points to 1.25 per cent.
"I do think that when you see rates being cut, it doesn't actually send a great signal about the economy," she said.
Among infrastructure companies, Auckland Airport lifted 2 per cent to $9.495, while Infratil rose 0.5 per cent to $4.675.
The Warehouse Group rose 0.9 per cent to $2.29. Earlier the company announced the launch of its new e-commerce venture TheMarket as it looks to tap into growing online spending.
Goodman Property Trust added 1.2 per cent to $2.075 on volume of 1.67 million shares, while Augusta Capital added 0.7 per cent to $1.49.
Earlier, Augusta told its annual shareholders' meeting it wants to increase assets under management to $3 billion by its 2022 financial year while Jarden analyst Owen Batchelor said the value of New Zealand's listed property stocks has risen 60 per cent on average since they bottomed in 2012 and they are now trading about 18 per cent above their net tangible asset backing.
That suggests the market expects the value of their properties to rise further, he said.
Pacific Edge was unchanged at 21 cents after it said it may achieve the key third element for reimbursement by private and public US health insurers for its Cxbladder cancer diagnostic tests within a year.
Kinnaird said investors will now be looking ahead to the upcoming earnings season.
"The market is now waiting for those reports to come through," she said.