Greg Smith, head of retail with Devon Funds Management, said it looks like the airport share sale is oversubscribed and will be well-supported at a premium to its last closing price.

“These types of assets are becoming increasingly rare (to buy) and there’s a great appetite when a large block of shares become available. It looks like the AustralianSuper Fund is in the mix bidding for stock,” he said.

“Investors were selling other stocks to fund the airport sell-down, and those who participated in the airport’s (September $1.4b) capital raise at $6.95 a share will have a good outcome.”

Smith said the airport is a high-quality asset and there was a reason for the market’s fall today. “I’m sure the market will take it in its stride and bounce back again.”

There’s also airport activity across the Tasman, with reports that Tokyo-based Sojitz Corp is stitching together a consortium to buy the Cairns and Mackay airports for A$3b.

The S&P/ASX 200 Index was down 0.35% to 8465.2 points at 6pm NZ time after Australia’s third-quarter gross domestic product (GDP) grew 0.3%, slower than the expected 0.4%, on elevated borrowing costs and sticky inflation.

Annually, GDP increased 0.8%, below the estimate of 1.1% and behind the 1% rise in the 12 months through June. The slowing economy raised hopes that the Australian Reserve Bank might reduce its official cash rate next week – it has been at a 13-year high of 4.35% since late last year.

At home in the sea of red, Fisher and Paykel Healthcare fell 58c to $37.87; Meridian Energy was down 23c or 3.68% to $6.02; Mercury decreased 20c or 3.04% to $6.38; Contact declined 18c or 2.05% to $8.60; and Freightways shed 25c or 2.37% to $10.30.

Mainfreight declined 73c to $73.50; Chorus was down 23c or 2.52% to $8.9; Turners Automotive decreased 11c or 2.05% to $5.25; SkyCity fell 7c or 4.76% to $1.40; Briscoe Group shed 13c or 2.37% to $5.35; and Vista Group was down 6c or 2.06% to $2.85.

Summerset was down 20c to $12.80; Skellerup shed 11c or 2.08% to $5.19; Fletcher Building fell 18c or 5.86% to $2.89; Ebos decreased 50c to $37.90; and Winton Land declined 6c or 3.06% to $1.90.

In the property sector, Argosy was down 2.5c or 2.35% to $1.04; Goodman Trust shed 4c or 1.93% to $2.03; Investore declined 4c or 3.36% to $1.15; and Kiwi eased 2c or 2.15% to 91c.

Other decliners were Heartland Group down 2c or 2.06% to 95c; ikeGPS falling 4c or 6.78% to 55c; Vulcan Steel shedding 31c or 3.88% to $7.69; Napier Port decreasing 6c or 2.37% to $2.47; and Ventia Services easing 15c or 3.09% to $4.70.

The falls continued with Tourism Holdings down 6c or 3.03% to $1.92; T&G Global declining 7c or 4.67% to $1.42; Steel & Tube shedding 3c or 3.3% to 88c; and Scott Technology decreasing 7c or 3.02% to $2.25.

Amongst the few gainers, Green Cross Health rose 8.5c or 10.56% to 89c; CDL Investments was up 3c or 3.9% to 80c; AFT Pharmaceuticals added 5c or 1.78% to $2.86; Restaurant Brands increased 14c or 4.12% to $3.54; and Sanford improved 15c or 3.57% $4.35.

Scales Corporation, down 3c to $4.05, confirmed its net profit guidance of $30m-$35m for the 12 months ending, saying “We have returned to a more normal trading environment, while executing on growth transactions in the horticulture and global proteins divisions”.

For the 2025 financial year, Scales has provided net profit guidance of $35m-$40m.

Being AI, last traded at 36.5c, asked for a further trading halt after the Being Consultants purchaser (2384 Limited Partnership owned by the group chief executive David McDonald) challenged the validity of the sale and purchase agreement it entered into.