NZ shares fall after Fed's ho-hum offer

New Zealand shares fell, paced by the biggest companies on the bourse - Telecom, Fletcher Building and Auckland International Airport - after the Federal Reserve offered less stimulus in the US than had been hoped.

The NZX 50 index fell 35.40 points, or 1 per cent, to 3409.39.

Within the index, 25 stocks fell, 14 rose and 11 were unchanged. Turnover was about $104 million.

Telecom was down 2.2 per cent to $2.425, while shares in Fletcher Building shed 2.9 per cent to $6.03 and Auckland Airport fell 0.8 per cent to $2.41.

"We have seen some pretty big selling off of Telecom and Fletcher which are held by Aussie investors - they are selling out of the blue chip stocks and that has pushed them down," said Grant Williamson, director at Hamilton Hindin Greene.

Gains were led by stock exchange regulator NZX, up 2.4 per cent to $1.29. Starting later this year the NZX will list 49 per cent of Genesis Energy, Mighty River Power.

Retirement village operator Ryman Healthcare gained 0.3 per cent to $3.44, matching June 19's record close.

Rival Metlifecare rose 1.9 per cent to $2.20 after shareholders voted in favour of an amended merger proposal, after it reduced the amount of shares it will use to pay for the deal and abandoned plans to raise new equity capital.

APN News & Media, the media company that publishes the New Zealand Herald, was unchanged at $1.01 on the NZX after announcing it had acquired an 82 per cent stake in Australian online shopping club brandsExclusive for as much as $A66 million.

The ASX-listed shares fell 2.7 per cent to 71.5 Australian cents.

Comvita shares fell 2.7 per cent to $3.30 after the company said it bought 177,354 ordinary shares at an average price of $3.24, which it will use to reward loyal beekeeper suppliers.

• Find a personal loan
• Find a credit card
• Find a home loan
• Find a savings account