NZ Shares Begin Week On Adverse Notice
Sophie Boot - NZ Newswire
NZ shares begin week on detrimental word - Yahoo New Zealand
New Zealand shares dropped for the fifth consecutive session to a near-three-month low, led down by Auckland Worldwide Airport, Ryman Healthcare and Refrain.
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The S&P/NZX50 Index fell 50.88 factors, or 0.7 per cent, to 7,116.ninety three. Throughout the index, 34 stocks dropped, 12 rose and 4 had been unchanged. Turnover was $NZ109 million.
"The downtrend within the New Zealand market is all in regards to the yield play, it's the notion of higher rates of interest in the US that is shifted money away from our quasi-bond yielding stocks," mentioned Daniel Metcalfe, senior investment adviser at OMF.
"There's some profit-taking after what's been an excellent 12 months for New Zealand equities."
Auckland Worldwide Airport was the worst performer on the index on Monday, down 3.3 per cent to $NZ6.seventy two, and has declined 21 per cent this 12 months.
Ryman Healthcare dropped 2.5 per cent to $NZ8.ninety five and Chorus fell 2.four per cent to $NZ3.sixty seven.
TradeMe declined zero.9 per cent to $NZ5.33, a two-month low. Founder Sam Morgan announced he intends to depart the board within the subsequent year however will remain a shareholder.
Metcalfe mentioned the stock's "pretty aggressive selldown" over the past week was attributable to competitors within the type of Fb's Marketplace, the social media large's personal on-line classifieds possibility.
Heartland Financial institution was the best performer, up 2 per cent to $NZ1.53, while Tower gained 1.7 per cent to ninety two.5 NZ cents and Meridian Vitality rose 1.four per cent to $NZ2.625.
Exterior the benchmark index, Michael Hill International gained 1.2 per cent to $NZ1.seventy five.
The jewellery chain business founded by its namesake delivered 6.eight per cent gross sales progress within the three months to Sept. 30 because it gears up for the busy Christmas period.
Hellaby Holdings rose zero.three per cent to $NX3.34. ASX-listed Bapcor's $NZ322.5 million takeover bid for the company has delayed its plans to freshen up its boardroom, chairman Steven Smith advised shareholders at its annual assembly in Auckland.
The offer value is $NZ3.30 per share, although Bapcor chief Darryl Abotomey hasn't ruled out lifting the bid.
NZ shares start week on adverse observe - Yahoo New Zealand
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