The New Zealand sharemarket was mixed at midday, with a heavier than usual sell down in Fletcher Building dragging down what would otherwise have been a buoyant start to the trading session.
Air New Zealand led decliners and PGG Wrightson rose.
The NZX 50 Index fell 2.29 points, or 0.06 per cent, to 3902.56 as of noon. A lower than usual 8.6 million shares changed hands in the first two hours of trade, worth $38.6m in turnover.
Fletcher Building, the country's biggest construction firm which has been tasked with project managing the Christchurch rebuild, fell 0.7 per cent to $7.42.
Just over 2.5 million shares have been sold since Friday's close, on what appeared to be profit taking, with the stock having recently hit a one year high.
APN News & Media, the publisher of the New Zealand Herald and operator of the Radio Network, fell 5.6 per cent.
Last week the firm denied rumours that a buyer for its New Zealand assets had been found, saying it was still in the process of restructuring its operations.
Air New Zealand, the national carrier, fell 2 per cent to $1.25.
OceanaGold, the operator of the Macraes and Reefton goldfields, fell 0.7 per cent to $4.04, with investors booking profits on the near 70 per cent rally the stock has experienced over the past four months.
Tower, the general insurer, fell 0.6 per cent to $1.77. The firm today announced it will start issuing new home insurance policies in Canterbury region for the first time since the March 2011 quakes.
Fisher & Paykel Appliances fell 0.4 per cent to $1.23, three cents above what Chinese bidder Haier is offering shareholders for the whiteware company.
PGG Wrightson, the rural services company, rose 2.8 per cent to 37c, with half a million share traded by noon. The stock is rated as "buy" according to a Reuters poll of five equity analysts.
Warehouse, the country's biggest listed retailer, rose 1.3 per cent to $3.04. Pumpkin Patch, the children's clothing retailer, rose 0.9 per cent to $1.17.
Xero, the cloud accounting platform provider looking to dual list on the ASX in November, rose 0.8 per cent to $5.39.
Chorus, the telephone network utility, rose 0.3 per cent to $3.32.
Telecom, the country's biggest phone company and most traded stock, rose 0.2 per cent to $2.39.
- © Fairfax NZ News