NZ shares fall as Spark, Ryman give up recent gains in quiet trading
The S&P/NZX 50 index declined 23.79 points, or 0.3 percent, to 9,327.27. Within the index, 28 stocks fell, 12 gained and 10 were unchanged. Turnover was $64.7 million, with the start of the local school holidays and Labour Day in New South Wales keeping trading light.
Institutional investors often reassess their portfolios at the end of every quarter, which typically pushes the price around at the time. Grant Williamson, a director at Hamilton Hindin Greene, said Ryman's 1.8 percent decline to $13.75 and Spark New Zealand's 2 percent fall to $3.97 were prime examples.
"They're giving back some of that rally from Friday and that's probably the main reason our market is off today," he said.
Sky Network Television led the market, falling 4.1 percent to $2.11.
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