The sharemarket was down for a fourth consecutive day on Wednesday, the Top 50 Index falling 50 points to 4734.
Craigs Investment Partners head of wealth research Mark Lister says it's partly due to a minor pull-back after a very strong run and partly influenced by weaker offshore markets driven by the United States.
He says the market has probably dropped around 5% from where it peaked in early November.
Mr Lister says there is a US Federal Reserve meeting later this month and people are considering the possibility that some monetary stimulus measures could be removed and what that could mean for the markets.
He says Diligent shares fell heavily on Wednesday after the company announced that the delayed accounts will be further delayed until February.
Diligent shares fell as low as $2.76 before recovering to close at $3.35, down 50 cents on the day.
The other major tech stock, the accounting software company, Xero, fell $1.84 to $31.51.
The government-controlled power companies had another dismal day of plumbing fresh record lows.
Mighty River Power dropped to $1.98 compared with the $2.50 a share the Government sold them for in May while Meridian Energy instalment receipts fell as low as 90.5 cents compared with their $1 issue price.
Tenon shares jump 11.5%
Shares in the wood products manufacturer and distributor Tenon have jumped 11.5% to $1.45 after it said it expects earnings for the six months to December to equal the previous year's full year earnings.
The company, which makes most of its money in the United States, says it is benefiting from the recovery in the housing market there.
Tenon chief operating officer Tony Johnston says the company is looking at ways to boost its share price, including a share buy back, a return of cash to shareholders and a dual listing in the US.