The New Zealand sharemarket reversed much of yesterday's gains in a generally quiet session, with Sky City one of the few to rise despite announcing a one-off hit of $60m on this year's profit due to tax changes.
The benchmark NZX-50 index closed down 14.05 points, or 0.5 percent, at 3054.19, after yesterday's 21-point gain.
Blue chip stocks took a hit, with top stock Telecom down 4c at $1.90 and Fletcher Building off 9c at $8.12, although Contact Energy was up 9c at 594.
Casino operator Sky City rose 1c to $2.87 after releasing profit guidance, saying it expected its reported net profit after tax for the June year, before a one-off deferred tax adjustment, to be in a range between $136 million and $140m.
The estimate of a $60m hit on annual net profit - a one-off, non-cash, accounting entry - followed last month's budget announcements on the accounting value of deferred tax.
Sky TV was down 2c at $4.92, Infratil fell 1c to $1.62, and Auckland Airport was unchanged at $1.94.
Investment company Guinness Peat Group, which is spinning off its Australian assets, was down 2c at 61c. Carpetmaker Cavalier Corp fell 7c to $2.43, Hallenstein Glasson fell 7c to $3.53, The Warehouse was down 5c at $3.50, and resthome operator Ryman Healthcare was down 5c at $2.07 after news it was expanding in to Tauranga.
Among the handful of stocks to gain, NZ Oil and Gas was up 2c at $1.32, PGG Wrightson rose 1c to 55c, Mainfreight was up 3c at $6.15, and Ports of Tauranga rose 4c to $6.84.
Dual-listed stocks also declined, with Westpac down 12c at $29.26, AMP down 8c at $6.90 and Telstra down 10c at $4.05. Across the Tasman, the benchmark S&P/ASX 200 Index was down 1 percent at 4565.
Earlier in the US, the sharemarket's overall bearish tone eroded initial optimism around the benefits of China's yuan move. Stocks pulled back as investors questioned the effectiveness of what was expected to be a gradual change.
