NZ shares fall as investors cash in August gains; Tourism Holdings, A2 drop

The S&P/NZX 50 index decreased 6.21 points, or 0.1 percent, to 9,095.39. Within the index 20 stocks fell, 23 gained and seven were unchanged. Turnover was $122 million.

The benchmark index hit a record on Aug. 29 and climbed 4.4 percent in the month as investors were buoyed by a relatively upbeat corporate earnings season. With global markets in a lull as traders await US President Donald Trump's decision on whether to impose a wider array of tariffs on Chinese goods, local investors have used the opportunity to cash in some of those gains.

"We've had a lull over the last week from what's been an all-time high," said Shane Solly, a portfolio manager at Harbour Asset Management. "It's still pretty good in the global scheme of things."

Solly said the market was having a "healthy pullback" and had absorbed "a couple of capital raisings" with the Macquarie-managed funds selldown of Oceania Healthcare and shortfall bookbuild of Steel & Tube Holdings this week. Oceania was unchanged at $1.13 and Steel & Tube gained 2.5 percent today.