New Zealand shares fell to their lowest close since early March, as Fletcher Building continued its slide and NZ Refining fell to the lowest in almost a seven-year low amid plans to spend up on expanding production.
The NZX 50 Index fell 19.80 points, or 0.6 per cent, to 3381.32. Within the index, 21 stocks fell, 19 rose, and 10 were unchanged. Turnover was $97.4 million.
Fletcher fell 1.7 per cent to $5.88, the lowest since January. Progress rebuilding Christchurch, which is seen as a lynchpin of the local economy in the next couple of years, has ground slow as insurers, claimants and government officials bicker.
NZ Refining fell 3.2 per cent to $2.40.
In April, shareholders voted for a $365 million expansion of petrol making facilities at the Marsden Point refinery. The vote was 64.5 per cent in favour and 35.5 per cent against the spending plans.
Ecoya, the scented candle and skin-care products maker, rose 0.8 per cent to $1.26.
Directors Collette Dinnigan, Craig Schweighoffer and Deeta Colvin resigned as a result of a decision to clip the size of the board.
Infratil was unchanged at $2 after defending its Snapper unit against Auckland Transport's claims it will miss the deadline to integrate its contactless card with the city's public transport network.
APN News & Media fell 8.8 per cent to 83 on the NZX as mass restructuring in the Australian publishing market weighs on the sector.
Glass Earth Gold, the miner whose shares trade on the NZAX and Canada's TSX Venture Exchange, fell 7 per cent to 26 cents after completing a $C2.36 million private placement of shares that will be used to buy out its joint venture partner in Otago.
NZX, the stock market operator, rose 0.7 per cent to $1.35.
The exchange will get a boost with the sell-down of state-owned enterprises into listed shares and from units in Fonterra's shareholders' fund, which will be established to enable Trading Among Farmers.
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