New Zealand shares fell as stocks that rallied into the end of the quarter – including Spark New Zealand and Ryman Healthcare – gave up some of those gains. Tourism Holdings fell after its CFO left and A2 bounced after three days of losses.

The S&P/NZX 50 index declined 23.79 points, or 0.3 percent, to 9,327.27. Within the index, 28 stocks fell, 12 gained and 10 were unchanged. Turnover was $64.7 million, with the start of the local school holidays and Labour Day in New South Wales keeping trading light.

Institutional investors often reassess their portfolios at the end of every quarter, which typically pushes the price around at the time. Grant Williamson, a director at Hamilton Hindin Greene, said Ryman’s 1.8 percent decline to $13.75 and Spark New Zealand’s 2 percent fall to $3.97 were prime examples.

“They’re giving back some of that rally from Friday and that’s probably the main reason our market is off today,” he said.

Sky Network Television led the market, falling 4.1 percent to $2.11.

Comvita dropped 3.8 percent to $6.15. The honey producer told the NZ Herald new Chinese e-commerce rules won’t affect its sales into the world’s most populous nation.

Tourism Holdings declined 3.1 percent to $5.56 after chief financial officer Mark Davis resigned after a period of medical leave. The rental campervan operator is seeking a new CFO immediately.

Westpac Banking Corp and Australia & New Zealand Bank Group gave up Friday’s gains, respectively falling 3.2 percent to $29.95 and 2.3 percent to $30.20. The dual-listed lenders gained on Friday after the interim report from Australia’s Royal Commission into financial services was less severe on the sector than some investors had feared.

Infratil declined 0.7 percent to $3.54 after opening a bond offer to raise up to $250 million. Morningstar Research also affirmed its $3.10 target price and ‘hold’ rating on the investment firm.

NZX fell 1.8 percent to $1.08. Philippines-based Bounty Fresh Food today triggered mop up provisions in its successful takeover of Tegel Group, while local translation software firm Straker Translations will this week open an initial public offering to list on the ASX.

Z Energy gained 1.3 percent to $7.24, the biggest increase on the day. A2 Milk Co rose 1.2 percent to $11.40, snapping a three-day slide. The milk marketing firm has been on the back foot since CEO Jayne Hrdlicka disclosed a share sale more than a week ago.

New Zealand Refining advanced 1.32 percent to $2.60 and Fisher & Paykel Healthcare increased 1.1 percent to $15.22. Contact Energy lifted 0.9 percent to $5.88 after completing the sale of its Ahuroa gas storage facility to a First Gas affiliate.

Kiwi Property Group increased 0.7 percent to $1.40 after extending its banking facility with ANZ Bank New Zealand, Bank of New Zealand, Commonwealth Bank of Australia and Westpac New Zealand. Property For Industry was unchanged at $1.80 as it cancelled $100 million of bank debt after raising the same amount through a bond.

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