The benchmark NZX50 index fell 21 points, or 0.7%, on Monday to close at 2965 on turnover of $32 million.
All three major stocks lost ground - Fletcher Building slipped 9c to $7.53, Telecom 1c to $1.88 and Contact Energy 6c to $5.68.
Also down were Sky City Entertainment (3c to $2.93), Sky Network Television (4c to $4.74) and the Warehouse (2c to $3.50).
New Zealand Oil and Gas fell 2c to $1.21 after announcing the Kahu-1 exploration is being abandoned because no oil has been found.
Auckland Airport dropped 3c to $1.91 after last week announcing it is delaying the construction of a second runway.
Takeover bid pushes FSU up
Farming Systems Uruguay gained 12c to 53c after Singapore's Olam International launched a $110 million takeover offer.
PGG Wrightson shares are up 3c at 50c and Pharmacy Brands is unchanged at 30c after holding its annual general meeting.
In currency markets, the NZ dollar was at 70.65 US, 81.52 Australian, 46.17 pence, 61.27 yen and .5478 euro, while the TWI stood at 66.60.
Steeper decline across Tasman
The Australian sharemarket closed sharply lower with finance, mining and energy stocks all falling back.
At the close, the benchmark S&P/ASX200 index was 64.4 points lower, or 1.46%, at 4358.3, while the broader All Ordinaries index reversed 64.3 points, or 1.45%, to 4372.7 points.
