Offshore selling lowers NZ share prices NEW Zealand shares fell on Wednesday, as disappointing Australian growth data added to selling pressure from offshore investors spooked by weaker trans-Tasman currencies. The NZX 50 Index fell 20.19 points, or 0.5 per cent, to 4453.58. Within the index, 29 stocks fell, nine rose and 12 were unchanged. Turnover was $133 million. Australia's economy grew 0.6 per cent in the first quarter, missing some forecasts, and both the Australian and NZ dollars have declined in the past month against the US dollar. "Both the New Zealand and Australian markets are being sold off to some degree," said Grant Williamson, a director at Hamilton Hindin Greene. Even with the weakness in the currencies "a number of foreign investors would still have profits so we're seeing some of that" selling. Fletcher Building fell 1.5 per cent to $1.29 even as figures showed a gain in the volume of building work put in place in New Zealand. Heartland New Zealand rose 6.3 per cent to 84 cents, the highest since February 2011 after the company said it would take an upfront charge against distressed assets, slashing profit this year while allowing a strong recovery in 2014. "There's a bit of short-term pain as they look to remove bad loans from their balance sheet," Mr Williamson said. Investors like the 2014 guidance they provided. The fundamentals don't look too bad. Units in the Fonterra Shareholders' Fund fell 1.1 per cent to $7.54 after dairy prices fell 5.3 per cent at Wednesday's GlboalDairyTrade auction. Air New Zealand fell 0.3 per cent to $1.47 after it backed down on a court challenge to a settlement deal with the Commerce Commission over the long-running air cargo cartel.