New Zealand shares have fallen in light trading, led by Auckland International Airport and Vector, with many institutional investors absent from the market for summer holidays.
The NZX 50 Index fell 15.128 points, or 0.3 per cent, to 5577.201. Within the index, 30 stocks fell, 13 rose and seven were unchanged. Turnover was about $53 million, compared to a daily average $162 million in November.
The index has gained about 18 per cent this year, adding to 2013's 24 per cent advance.
Auckland Airport fell 2.3 per cent to $4.30 and Vector fell 2.1 per cent to $2.78. Trade Me, the online auction company, fell 1.9 per cent to $3.60 and A2 Milk dropped 1.7 per cent to 57 cents.
"Most institutions have pretty much packed up and headed off for the next week or so - volumes are extremely light," said Grant Williamson, a director at Hamilton Hindin Greene.
Infratil fell for a second day, down 0.3 per cent to $3, even though its plan to buy Australian retirement village operator RetireAustralia with the New Zealand Superannuation Fund had been well received.
Retirement villages were a sector investors "liked very much, with very good potential for future growth" and Infratil had shown with investments such as Z Energy and Metlifecare that it could generate good returns, Mr Williamson said.
Metlifecare was unchanged at $4.71. Ryman Healthcare rose 1.3 per cent to $8.60 and Summerset Group fell 1.4 per cent to $2.83.
Guinness Peat Group was the biggest gainer, rising 4.7 per cent to 45 cents. Diligent Board member Services gained 3.1 per cent to $5.30.
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