The benchmark NZX50 fell 25 points, or threequarters of a percentage point, to close at 3300 on Monday on turnover of $58 million.
Fletcher Building was unchanged at $7.73, after Crane Group advised its shareholders to reject a takeover offer.
Contact Energy fell 10c to $6.14 and Telecom 2c to $2.21.
Michael Hill International is up 2c to 87c after receiving a takeover offer from interests associated with its founder and major shareholder.
New Zealand Oil and Gas shed 2c to close at 84c, while Fisher and Paykel Applicances closed 1c down at 51c after issuing a profit warning on Friday due to difficult trading conditions in November.
PGG Wrightson gained 3c to 47c after issuing a profit warning on Friday.
Fisher and Paykel Healthcare rose 1c to $3.10 while Pumpkin Patch dropped 4c to $1.89 and Sky Television 2c to $5.23.
In currency markets the dollar was trading at 73.78 US cents, 74.75 Australian, 47.69 pence, 61.92 yen and .5618 euro. The TWI stood at 66.93.