NEW Zealand shares fell, as a rally that has pushed the NZX 50 Index to near a five-year high, faltered on concern the gains have left some equities fully valued.
Telecom paced the decline and Xero dipped.
The NZX 50 fell 7.328 points, or 0.2 per cent, to 4075.038. Within the index, 18 stocks fell, 20 rose and 12 were unchanged. Turnover was $70.1 million.
Telecom, the biggest phone company on the exchange, fell 1.4 per cent to $2.18. Xero, the cloud-based accounting service that has soared 171 per cent in a year, dropped 1.1 per cent to $7.40.
"Investors need to be a little bit careful - on fundamentals some stocks look fully priced," said Grant Williamson, a director at Hamilton Hindin Greene.
"It will be interesting as we go into February and get earnings season underway to see how those companies are performing."
Those that aren't over-valued include Chorus, the network company spun off from Telecom in 2011, whose shares tumbled last month on the threat of increased control of its prices from the regulator.
Its shares fell 2 per cent to $2.91 on Friday and have dropped 14 per cent in the past month.
Contact Energy, another that Mr Williamson says isn't overpriced, rose 0.8 per cent to $5.32. Potential listing of state-owned power companies this year have seen the stock marked down.
Fletcher Building rose 0.2 per cent to $8.48. The company has sought clearance to sell its CSP Coating galvanised steel unit to Hamilton-based Perry Group as it looks to replace some of its treated metal products with imports.
Skellerup Holdings rose 3.1 per cent to $1.67 and has gained 19 per cent in the past 12 months. Tourism Holdings, the campervan company, jumped 9.2 per cent to 71 cents.
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