The New Zealand sharemarket fell today but fared better than other main bourses in the Asia Pacific region.

The NZX50 index was down 0.4 per cent or 15.99 points to 3809.32. Within the index, 30 stocks fell, nine rose and 11 were unchanged.

First NZ Capital head of institutional equities James Lee said that overall the local market outperformed most offshore markets.

Across the Tasman, the S&P ASX200 index was down 0.3 per cent, Hong Kong's Hang Seng index fell 0.9 per cent and Japan's Nikkei 225 was down 1.9 per cent. The South Korean Kospi fell 0.6 per cent.

"We outperformed the broader Asian markets today although the New Zealand market was down we did better than everything else in Asia. Telecom was up slightly, holding the market up," Lee said. It rose 0.2 per cent to $2.40.

New Zealand Oil and Gas was up 0.6 per cent to 83c after announcing it would start drilling off the South Taranaki Coast once it had secured a suitable rig. Lee said drilling a new well would be between $20m-$30m.

"Fletcher Building and SkyCity are down following going ex-dividend, falling more than the dividends would imply they should have."

Fletcher slipped 3 per cent to $6.85 while casino and hotels operator SkyCity Entertainment fell 3.6 per cent to $3.78.

Rural services company PGG Wrightson fell 5.4 per cent to 35c and industrial chemicals and resins company Nuplex was down 3.7 per cent to $3.85. Carpet maker Cavalier fell 2.45 per cent to $1.99.

Australian phone company Telstra was down 2.2 per cent to $4.80. Markets operator NZX Limited fell 1.8 per cent to $1.11. Chorus fell 1.5 per cent to $3.26.

DNZ Property Fund was down 1.2 per cent while commercial investor Goodman Property Trust fell 1 per cent to $1.02. Kiwi Income Property also suffered, falling 0.9 per cent to $1.12.

Jewellery retailer Michael Hill International fell 0.8 per cent to $1.18 and national carrier Air New Zealand fell 0.9 per cent to $1.11.

Australian food ingredient maker Goodman Fielder was up 1.5 per cent to 66. Xero rose 0.8 per cent to $5.01.

Trade Me Group rose 0.5 per cent to $3.98 after news of that Mainfreight co-founder and Rich-Lister Neil Graham is launching a new online auction and classified site, Wheedle.co.nz, on Monday.

Pay TV operator Sky Network Television rose 0.4 per cent to $5.07. Ryman Healthcare, the retirement villages operator and developer, was up 0.25 per cent to $4.07.

Freightways rose 0.2 per cent to $4.18 and Contact Energy was up 0.2 per cent to $5.18. 

- © Fairfax NZ News