New Zealand shares fell on the last day of 2014, rounding out an 18 per cent gain for the year.
The NZX 50 Index fell 8.918 points, or 0.2 per cent, to 5568.283, with 20 stocks falling, 20 gaining and 10 unchanged. Turnover was $49.6 million, compared to a daily average of $162 million in November.
The annual gain of 18 per cent adds to last year's 17 per cent advance, and 2012's 24 per cent increase. The benchmark index reached an intraday record 5599.033 on December 30.
New Zealand's stock market has been an attractive destination for foreign investors seeking bigger returns, with the country's 2014 growth forecast at about 3.5 per cent, compared to 2.4 per cent for the US and 2.5 per cent for Australia.
The central bank's official cash rate of 3.5 per cent compares to zero to 0.25 per cent for the US Federal Reserve, zero to 0.1 per cent for Japan and 2.5 per cent for Australia.
"After what was a pretty good 2012 and 2013, I don't think many people were predicting at the start of the year gains like what we've experienced," said Grant Williamson, a director at Hamilton Hindin Greene in Christchurch.
Chorus rose 0.4 per cent on Wednesday to 2.66, rounding out an 85 per cent gain this year, bouncing back from 2013 after it embarked on cost-cutting measures in response to regulation that threatened to poke a hole in its earnings stream.
It benefited from the Commerce Commission softening its stance on how much to set its regulated prices.
Meridian Energy, MightyRiverPower and Genesis Energy, three partially privatised power companies, gained between 19 per cent and 73 per cent this year after the re-election of the National-led government, which removed the threat of new regulation promised by opposition parties.
Cloud-based accounting software developer Xero, a boom stock in 2013, was the worst performer on the year, declining 50 per cent.
Air New Zealand led the benchmark index lower on Wednesday, falling 3.1 per cent to $2.47. Its stock rose 58 per cent this year.
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