Tuesday 4th June 2019
|Text too small?|
The S&P/NZX 50 Index dropped below the 10,000 for the first time in almost a month, as the local market caught up with Australia's slide yesterday.
The NZX50 sank 169.77 points, or 1.7 percent, to 9,948.22 at 1.30pm, on turnover of about $55.6 million. Of the top 50 stocks, 29 fell, 15 rose and six were unchanged.
A2 Milk led the market lower, sliding to a two-month, and was recently down 9.7 percent at $14.27. Synlait Milk, which supplies A2, fell 3.8 percent to $8.53.
"We are playing catch up with the Australian markets, which yesterday lost 1.25 percent," said Grant Williamson, a director at Hamilton Hindin Greene. The S&P/ASX 200 Index was recently up 0.3 percent today.
Fletcher Building fell 1.7 percent to $5.16, recovering from a sharper sell-off in early trading after the country's biggest construction company and said it's completed the sale of Formica earlier than anticipated, and lowered its annual earnings guidance.
Software developers Pushpay Holdings and Gentrack Group were both down 3.4 percent at $3.66 and $5.10 respectively and Sky Network Television hit a new low, falling 1.7 percent to $1.18.
Summerset Group rose 0.4 percent to $5.56 after announcing plans for two new retirement villages, one in Whangarei and one in Cambridge. It expects to spend $290 million developing the sites. Ryman Healthcare edged up 0.1 percent to $11.59, Metlifecare rose 0.5 percent to $4.49, and Arvida Gropu increased 0.8 percent to $1.31.
Freighways rose 1 percent to $8.17, posting the biggest gain in early afternoon trading.
Spark New Zealand was the most active stock on a volume of 1.2 million shares. It fell 1.8 percent to $3.745.
No comments yet
NZ dollar sags after avalanche of data and central bank action
Fonterra board starts planning chair succession
Fulton Hogan keeps Australian civil construction unit
Time for congestion pricing has come - NZIER
Colliers defends KiwiBuild as 'far from a colossal failure'
Pushpay shares rise as cost-cutting upgrades earnings guidance
20th September 2019 Morning Report
NZ dollar weaker against British pound on EC president's Brexit optimism
Todd plans Kapuni drilling campaign
MARKET CLOSE: NZ shares gain; appetite for KFC helps Restaurant Brands hit record