NZ shares fall as investors take a breather

The S&P/NZX 50 index fell 28.06 points, or 0.3 percent, to 8,919.16. Within the index, 23 stocks fell, 24 gained and three were unchanged. Turnover was $123 million.

Delegates from China and the US wrapped up three days of trade talks Wednesday and markets had been cheered by the first face-to-face negotiations since both sides agreed to a 90-day truce. China’s Commerce Ministry said the talks were extensive, and helped establish a foundation for the resolution of each others’ concerns, according to Reuters. However, there were few concrete details.

Equity markets were also cheered when minutes from the US Federal Reserves' December meeting underscored the central bank is willing to be patient about any future monetary tightening.

"We have had four days of stronger equity markets globally as investors anticipated the potential for a US-China deal," said Shane Solly, a portfolio manager at Harbour Asset Management. The "softer tone" from Federal Reserve officials had added to the upbeat mood, he said.