The sharemarket was a mixed affair on Wednesday, although the benchmark Top 50 Index gained 6 points to 4945, another record close.
Mint Asset Management portfolio manager Shane Solly says Chorus was hurt by the Commerce Commission ruling that the price Chorus can charge for broadband over copper wires must nearly halve by December next year.
And Fletcher Building shares were hurt by Government moves to try to bring down the cost of home building materials.
Mr Solly says investors don't like the uncertainty created by the potential policy changes.
He says investors have been looking for areas such as technology stocks which are not dependent on the economy continuing to grow globally.
Xero shares soared to a new record of $37.30, up $4.15 on the day, up from $17.20 in early September and up from less than $6 a year ago and Chorus shares dropped 13.5 cents to $2.315.
Fletcher Building shares fell 23 cents to $9.50 on Wednesday after the Government issued an options paper as part of its consultation on how to bring down the cost of home building materials.
Fletcher Building is one of the two major suppliers of building materials to the New Zealand market.
Housing minister Nick Smith, and Commerce Minister Craig Foss said that the cost of building materials in New Zealand can be as much as 30% more than in Australia.
Dr Smith says the Government's study of the market has flushed out some very real issues including the limited competition in New Zealand which is allowing some building product manufacturers to make excessive profit margins.