New Zealand shares fell on Monday when holidays in Asia kept markets quiet and as investors ponder whether earnings will match bullish expectations.

The benchmark NZX 50 Index fell 5.21 points, or 0.1 per cent, to 4220.50.

Within the index, 14 stocks fell, 28 rose and eight were unchanged, with the weight of stocks such as Fletcher and Telecom pulling the index lower.

SkyCity fell 1.7 per cent to $4.02. The casino and hotel group is the first major company to post its results on Wednesday and may report a four per cent decline in earnings as it cycles the year-earlier boost from the Rugby World Cup, according to First NZ Capital.

Fletcher Building, the biggest company on the NZX 50, fell 1.2 per cent to $8.85, having climbed almost 40 per cent in the past six months.

It is due to report its first-half results on February 20, with growing demand in Christchurch hopefully making up for weak Australian housing starts.

"Fletcher is pricing in a lot of good news - it can ill afford to have any disappointment," said Rickey Ward, equities manager at Tyndall Investment Management.

Fisher & Paykel Healthcare, the manufacturer of respirators and breathing masks, fell 1.3 per cent to $2.33.

Auckland International Airport, the nation's busiest gateway, fell 1.1 per cent to $2.81.

Trade Me, the auction website, rose 2.3 per cent to $4.38. The company will join the NZX 10 Index of the nation's biggest listed companies effective February 18, replacing Sky Network Television, currently the lowest ranked on the NZX 10.

Sky TV gained 0.6 per cent to $5.21.

Telecom fell 0.6 per cent to $2.33 and Chorus, the network company spun off from Telecom, fell 0.6 per cent to $3.13.