New Zealand shares fell, trimming the NZX 50 Index's gain in the second quarter to 3.1 per cent as investors were yet again looking to Europe for signs of progress in tackling its debt crisis.
Australian lenders Westpac and Australia and New Zealand Banking Group rose.
The NZX 50 fell 1.5 points, or 0.04 per cent, to 3399.83. Within the index, 24 stocks rose, 18 fell and eight were unchanged. Turnover was $147 million.
Fletcher Building, which was hurt this week by Australian rival Boral's earnings downgrade, ended the day down 1 per cent to $5.87 and Telecom, the biggest company on the exchange, fell 0.4 per cent to $2.39.
That was enough to push the benchmark index into the red on a day many equity benchmarks across Asia advanced on late news that European leaders would provide aid for the region's banks.
ANZ Bank rose 1.9 per cent to $28 on the NZX and Westpac gained 1.3 per cent to $27.05.
"Everyone is waiting until there is a bit more clarity to the Europe situation," said Rob Garden, an investment adviser at Craigs Investment Partners.
"Any news that helps stabilize things for the short term means the risk trades go back on."
The market, though, is "characterised by low volumes and continued uncertainty out of Europe".
Telecom fell after announcing on Friday that Fitch's rating will no longer be part of its ratings lineup.
The telecommunications company will continue to engage with ratings agencies Standard & Poor's and Moody's Investors Service for ratings and analytical coverage, it said in a statement.
NZX, the stock exchange operator, fell 0.7 per cent to $1.35.
The Financial Markets Authority on Friday released its assessment of how NZX is meeting its obligations as market operator which showed a qualified tick.
NZX is making changes to address some of the issues cited by the regulator.
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