NZ shares snap five days of gains; Z Energy falls

Z Energy fell 1.8 per cent to $5.62. Photo / File

New Zealand shares snapped five days of gains as optimism over the cooling of US-China tensions abated. Spark New Zealand declined as new accounting standards prompted it to adopt new earnings measures.

The S&P/NZX 50 decreased 10.33 points, or 0.1 per cent, to 8,865.76. Within the index 25 stocks fell, 14 rose, and 11 were unchanged. Turnover was $110.6 million.

Trading across Asia was more muted today after a strong gain Monday after US and Chinese presidents Donald Trump and Xi Jinping adopted a calmer stance in their trade dispute.

"We had a good day yesterday and things were quite good overnight, but it wasn't enough to lift us again," said David Price, a broker at Forsyth Barr.

"The volumes are still pretty quiet and I think that'll be the case as we wind down until Christmas."

Spark declined 1.5 per cent to $4.21, with 4.5 million shares changing hands, compared to its average 2.9 million. The telecommunications company yesterday closed at its highest price since divesting Chorus as a standalone company.

Today, it updated analysts on new earnings measures as it adopts the latest accounting standards, listing rules and accounts for Spark's new agile operating structure. Chorus decreased 0.2 per cent to $4.75 on light volumes.

Z Energy fell 1.8 per cent to $5.62 on half its average volume after acknowledging the government-ordered market study into transport fuels. Price noted the government has toned down its rhetoric from claiming consumers were being "fleeced" to now wanting to ensure people are paying a fair price. New Zealand Refining dropped 2.1 per cent to $2.30 on slightly higher volumes than usual.

Fisher & Paykel Healthcare decreased 1.9 per cent to $13 as the kiwi dollar rose to five-month high. The breathing mask maker generates more than half its revenue in US dollars.

Vector slipped 0.3 per cent to $3.30 on average volumes after a partial win in the Court of Appeal over the terms of its contracts with retailers.

Synlait Milk climbed 5 per cent to $9.75 on light volumes and A2 Milk gained 2.8 per cent to $11.22 on average volumes. A2 yesterday said it will meet China's new cross-border e-commerce requirements affecting its sales of Platinum infant formula.

Fletcher Building was unchanged at $4.80 on a slightly busier volume of 1.8 million, while Stride Property increased 0.5 per cent to $1.87 on 1.4 million shares, compared to it 276,000 90-day average.

Of companies with volumes of more than one million shares, Meridian rose 0.5 per cent to $3.315, Sky Network Television fell 1.3 per cent to $2.27, Genesis Energy decreased 0.2 per cent to $2.50, Contact Energy was down 0.3 per cent at $5.88, Property for Industry increased 0.3 per cent to $1.72, Kiwi Property Group slipped 0.4 per cent to $1.355, and Goodman Property Trust was unchanged at $1.56.

Outside the benchmark index, Delegat Group was unchanged at $9.76 after affirming guidance for an 8 percent increase in global wine sales and a 12 per cent rise in operating profit.