NZ shares fall for sixth session

The S&P/NZX 50 Index fell 186.33 points, or 1.4 percent, to 12,838.36. Within the index, 34 stocks fell, 11 rose and five were unchanged. Turnover was $108.5 million.

Today’s decline pulled the benchmark index 5.3 percent below the all-time high reached on Jan. 8 and down 1.8 percent this year.

Renewable energy generator Meridian Energy remained the biggest drag on the market, still falling from inflated levels after a clean energy index directed a flood of money into the relatively illiquid stock during the holidays.

The stock fell a further 6.2 percent to $7.44 - down 25 percent from its record. Contact Energy, which is also in the clean energy index, fell 3.9 percent to $9.18 today.