New Zealand equities extended their losses on Wednesday even as Asian peers advanced on stimulus from China.

The S&P/NZX 50 Index was down 0.7%, or 79.5 points, to close at 12,224.53.

Shares in Shanghai and Hong Kong rose more than 1%, while Japanese stocks gained 0.4% in recent trade after China rolled out a raft of measures to bolster its economy.

In domestic news, residential mortgage loans in New Zealand fell to NZ$6.19 billion in August from NZ$6.65 billion in July, data from the country's central bank showed.

In corporate news, Fonterra Co-operative Group (NZE:FCG) saw its earnings per share for the 12 months ended July 31 fall to NZ$0.70 from NZ$0.75 a year ago. The dairy company also raised by NZ$0.50 its forecast for the 2024/2025 farmgate milk price midpoint to NZ$9 per kilogram of milk solids. It hit a 52-week high on Wednesday and gained more than 7% at market close.

KMD Brands (NZE:KMD, ASX:KMD) shares fell 1% after the company reported a loss of NZ$48.3 million in the 12 months ended July 31, compared with a profit of NZ$36.6 million a year ago.

Meridian Energy (ASX:MEZ, NZE:MEL) obtained resource consent to build a 120-megawatt solar farm in Northland, with construction expected in early 2025. The power company's shares were down almost 2%.

Fletcher Building's (NZE:FBU, ASX:FBU) 1-for-4.49 accelerated non-renounceable entitlement offer was priced at AU$2.20 for the retail component, which opens Thursday. The home builder's shares closed more than 2% lower.