NZ shares subdued as China trade tensions weigh; Sky TV falls

The S&P/NZX 50 index decreased 0.21 points, or 0.002 percent, to 9,245.44. Within the index, 29 stocks fell, 16 gained, and five were unchanged. Turnover was $89.8 million, with just five companies trading on volumes of more than a million shares.

New Zealand's benchmark index was one of the few to decline across Asia, with most markets buoyed by the progress made in the US-China trade talks. New Zealand's own relationship with China took centre-stage after reports last week that primary goods exporters were facing issues clearing customs and that tourists were being discouraged from visiting New Zealand.

Prime Minister Jacinda Ardern played down those concerns at her weekly post-Cabinet press conference, saying the two nations' relationship was significant and complex and brings great benefits to both parties.

Greg Smith, head of research at Fat Prophets, said New Zealand is more heavily reliant on China as a trading partner than the US, and as a much smaller nation can't throw its weight around as easily.