New Zealand shares fell, led lower by Metro Performance Glass and Sky Network Television, while Comvita, A2 Milk and Synlait Milk gained.

The S&P/NZX 50 Index dropped 30.07 points, or 0.4 per cent, to 8,425.48. Within the index, 21 stocks fell, 16 rose and 13 were unchanged. Turnover was $77.3 million.

"We're underperforming today compared to global markets, and the strength of the Kiwi [dollar] has had a little bit to do with that, we've bounced up nicely against the US dollar and the Aussie," said Grant Williamson, broker at Hamilton Hindin Greene.

"Almost all our largest stocks are underwater today so that has put a bit of pressure on the index," he said.

Advertisement
Advertise with NZME.

"A number of trades have gone through today, but volumes are still not back to normal," Williamson said. "It will probably be another week before we really start to see volumes pick up."

Metro Performance Glass led the index lower, dropping 2.9 per cent to $1, with Sky Network Television down 2.5 per cent to $2.78 and Fletcher Building falling 1.5 per cent to $7.69.

Comvita was the best performer, up 3 per cent to $8.65. A2 Milk rose 1.1 per cent to $8.36 and Synlait Milk gained 0.9 per cent to $7.04.

Summerset Group gained 0.2 percent to $5.53.

The retirement village operator and developer lifted fourth-quarter sales 31 per cent, setting a quarterly record, due largely to a jump in the resale of occupation rights. Last month Summerset raised annual earnings guidance on the strength of resale volumes and margins, projecting underlying profit of between $77m and $79m in calendar 2017, up from a previous forecast of $72m to $75m.

"The company upgraded their profit a few weeks ago so that announcement today has had little response from the market," Williamson said.

Trustpower rose 0.3 per cent to $6.04. The company owns 65 per cent of King Country Energy, and has teamed up with King Country Electric Power Trust, which owns 19.98 per cent, to jointly offer $5 a share for the remaining shares in King Country Energy.

The target company today said its independent committee has recommended shareholders accept the joint venture takeover offer.