New Zealand shares were little changed, the benchmark Top 50 Index easing 8 points to 5146.
Mint Asset Management chief investment officer Paul Richardson said investors are eyeing upcoming share floats.
He said contemplation of further market listings, particularly in the tech sector, could be affecting the market.
Mr Richardson said Fisher & Paykel Healthcare's result and its guidance for the future initially led to a slightly negative reaction from the market, but as people talked to the management and looked through the result stock recovered and it continues to tread a bit higher.
He said Fonterra is announcing the final milk payout for the current year and the first guidance for the coming year on Wednesday. Mr Richardson said most of the analysts and banks are looking at the fact that that guidance could be below $7 per kilogram of milk solids.
Fisher & Paykel Healthcare shares rose 5 cents to $4.39 - the shares had dropped as low as $4.05 on Friday.
Units in the Fonterra Shareholders' Fund, which anyone can own, rose 8 cents to $6 while Fonterra shares, which only farmers can own, climbed 7 cents to $6.01.
NZ dollar slightly up
The New Zealand dollar was slightly higher against the currencies of most of the country's major trading partners on Tuesday.
ASB Bank head of external foreign exchange sales Tim Kelleher said the currency market was also awaiting the Fonterra announcement.
He said the majority of the banks were expecting the guidance for the coming year to be around $7 per kilogram of milk solids, but Fonterra tends to go low with the number so it can update it quarterly and improve the year end rate.
Mr Kelleher said that means the figure announced on Wednesday morning may be as low as $6.50.
He said he didn't expect any change to this year's $8.75 total payout per kilo of milk solids
At about 5pm on Tuesday, the kiwi was trading at 85.59 US cents, 92.43 Australian cents, 50.77 British pence, 0.6267 euro, 87.28 yen and 5.34 renminbi.
