The NZX50 index has fallen 20 points, to close at 3975.
Three weeks ago the benchmark index rose above 4000 points for only the second time since January 2008, shortly before the global financial crisis began.
On Thursday, shares in Air New Zealand fell 2 cents to $1.36, and the price of Fletcher Building stock dropped 3 cents to $8.25.
Freightway is down 6 cents to $4.29, and Infratil is down 7 cents to $2.28 after shareholders sold off 10 million of its shares.
Cornerstone stock Telecom is down 2.5 cents to $2.165, The Warehouse is down 8 cents to $2.87 and Trade Me fell 4 cents to $4.05 after announcing it has brought the Holiday Homes website.
Chorus is up 2 cents to $2.74, Ebos Group is up 4 cents to $8.44 Hallenstein Glassons is up 4 cents to $5.09 Port of Tauranga is up 8 cents to $13.20,
Wood producer Tenon rose 2 cents to 76 cents - a lift of 2.7% - after telling shareholders that its key market is finally showing signs of improvement in the wake of the worst housing crisis in America since the 1930s depression.
In currency markets at the end of the local business day, the New Zealand dollar was buying 84.42 US cents, 80 Australian cents, 52.31 pence, 70.55 yen, 0.6453 of a euro, and the TWI stood at 75.34 points.