Sharemarket falls as investors avoid anything to do with construction
The S&P/NZX 50 Index decreased 17.85 points, or 0.2 percent, to 9,497.27. Within the index, 23 stocks fell, 18 gained and nine were unchanged. Turnover was $104.9 million.
Gentrack fell 4.2 percent to $4.60 on a volume of 22,000 shares, less than a third of its usual volume. The stock is down 8.7 percent so far this year, with investors unnerved by what impact Brexit will have on the firm, which derives about 40 percent of its sales in the UK. UK Prime Minister Theresa May is expected to seek a longer extension from Britain's exit from European Union, adding uncertainty for investors.
"It's mainly about Brexit for that stock - no-one's 100 percent sure what's going to happen there," said Peter McIntyre, an investment adviser at Craigs Investment Partners.
Fletcher Building fell 1.9 percent to $4.74 on a volume of 1.5 million, compared to its 90-day average of 1.8 million.
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