Hamilton Hindin Greene’s Sullivan said the decline in share price was a little overdone, but highlighted Spark’s growing exposure to more volatile sectors.

“Spark’s business is now more into services and increasing revenue, which is more susceptible to an economic downturn,” he said.

Fletcher Building posted the biggest decline on the benchmark index, falling 8.5% to $3 on a volume of 3.2 million, after saying it faces new litigation on two fronts, with Western Australian builder BGC expected to file a claim over its leaky pipes dispute, and the Commerce Commission claiming rebates by the Winstone Wallboards unit breached the Commerce Act.

Sullivan said the leaky pipes dispute held the greater potential liability for the building materials firm, and that today’s decline was probably justified.

“Fletcher just can’t seem to catch a break,” he said.

Among other companies to report earnings today, NZX rose 0.7% to $1.38 after lifting first-half operating earnings by 12% and said it was tracking towards the upper end of its annual guidance range.

Channel Infrastructure increased 0.6% to $1.58 with 1.1 million shares changing hands, after the import oil terminal said first-half earnings rose 10%, while affirming its annual guidance.

Port of Tauranga declined 1.3% to $5.52 after reporting a 12.8% decline in annual operating profit, with cargo volumes down.

Fonterra Shareholders’ Fund units rose 0.5% to $4.51 after the world’s biggest dairy exporter raised its forecast farmgate milk price – an input cost for the co-operative – while also signalling it’s on track to pay a strong annual dividend.

Winton Land dropped 10% to $1.90, with just 8711 shares traded, after reporting a 69% decline in annual earnings as the subdued market weighed on sales.

Kiwi Property Group declined 1% to 96c. The commercial landlord declared a first-quarter dividend of 1.35 cents per share and reinstated its dividend reinvestment programme.

Marsden Maritime Holdings, which owns half of Northport, fell 3.1% to $3.39 with just 435 shares traded after reporting a 9% increase in annual operating earnings, while South Port NZ rose 2.6% to $5.85 on a volume of 244 after reporting a 13% decline in underlying profit.