The New Zealand sharemarket fell today as profit taking continued and Telecom sank to a nine-month low.

The NZX50 index was down 0.5 per cent, or 20.53 points, to 3974.72. Within the index, 30 stocks fell, 11 rose and nine were unchanged.

Hamilton Hindin Greene director Grant Williamson said the market fell for a fourth day in a row. 

"Profit taking continues on the local market. It was quite a mixed performance. On the downside, Telecom remains under pressure. It was down 1.6 per cent to $2.16 which was the lowest level it had been at since March," Williamson said. 

"Overall the market is just having a very healthy correction after a very good year, entering a consolidation over the New Year period."

Infratil fell 3.8 per cent to $2.26 after its manager HRL Morrison & Co put 10 million shares in placement overnight. 

Australian food ingredient manager Goodman Fielder was down 4.7 per cent to 81c. Air New Zealand fell 2.9 per cent to $1.34. Vital Healthcare Property Trust was down 2.4 per cent to $1.23. 

New Zealand Refining was down 2.3 per cent to $2.54. Markets operator NZX Limited fell 1.6 per cent to $1.24. Insurer Tower was down 1.6 per cent to $1.80. Freightways fell 1.6 per cent to $4.28.

OceanaGold led the gainers with a 4.35 per cent rise to $2.60. Diligent Board Member Services was up 2.2 per cent to $4.60. Xero rose 2 per cent to $7.60. Ryman Healthcare was up 1.4 per cent to $4.24. 

Restaurant Brands rose 0.75 per cent to $2.67. Chorus was up 0.7 per cent to $2.74. Nuplex rose 0.7 per cent to $2.98. Steel & Tube was up 0.4 per cent to $2.34.

- © Fairfax NZ News