Print PageNew Zealand shares fell following a sell-off on Wall Street and as investors pondered whether the looming earnings season will show results that warrant high stock prices.
Telecom and Fletcher Building led the slide.
The NZX 50 Index fell 34.455 points, or 0.8 per cent to 4211.946. The index reached a five-year high of 4252.65 on January 31. Within the index, 25 stocks fell, 13 rose and 12 were unchanged.
Telecom fell 2.9 per cent to $2.355 and Fletcher Building, the biggest company on the benchmark index, dropped 2.4 per cent to $8.97.
Contact Energy, the biggest power company on the exchange, fell 1.1 per cent to $5.20.
The Standard & Poor's 500 Index dropped 1.2 per cent overnight.
"The catalyst has been those weak overseas markets," said James Smalley, a client adviser at Hamilton Hindin Greene.
"The fact we're coming into reporting season creates a bit of uncertainty whether they will post results that justify those high share prices."
PGG Wrightson, the rural services company that led gainers in the previous session, fell 2.2 per cent to 44 cents.
