NZX50 runs out of puff as Kiwi marches higher

The benchmark index fell 65.96 points, or 0.5 percent, to 12,602.02. Within the index, 29 stocks fell, 18 rose, and three were unchanged. Turnover was $172.4 million.

The local bourse has joined other stock markets in trading at elevated levels as near-zero interest rate policies push investors into equities in their search for positive returns, and on growing optimism a covid-19 vaccine will see global activity start returning to normal as soon as next year.

Optimism over a vaccine has buoyed demand for companies more exposed to the pandemic, such as airline Air New Zealand and cinema software developer Vista Group International, and both gave up recent gains, falling 4.2 percent to $1.81 and 3.9 percent to $1.73 respectively.