News | Business
20 Sep 2017 3:09
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • Sport
  • Weather
  • Olympic Games
  • Ski Report
  • Finance
  • Shopping
  • Jobs
  • Horoscopes
  • Lotto Results
  • Photo Gallery
  • Site Gallery
  • TVNow
  • Dating
  • SearchNZ
  • NZSearch
  • Crime.co.nz
  • RugbyLeague
  • Make Home
  • About NZCity
  • Contact NZCity
  • Your Privacy
  • Advertising
  • Login
  • Join for Free

  •   Home > News > Business

    Shares fall as investors more risk averse

    Ongoing jitters about US politics pushed New Zealand stocks lower on Thursday as investors took risk off the table.


    Ongoing jitters about US politics pushed New Zealand stocks lower on Thursday as investors took risk off the table, with Xero, Fletcher Building and A2 Milk leading the decline on the local bourse.

    The S&P/NZX 50 Index fell 51 points, or 0.7 per cent, to 7371.76 Within the index, 37 stocks fell, 10 rose and three were unchanged. Turnover was $154 million.

    "The correction we have been waiting for has arrived overnight, with the catalyst being concern over (US President) Donald Trump's presidency," said Greg Smith, head of research at Fat Prophets in Auckland.

    Mr Smith said global markets - the US in particular - had been primed for a correction after a strong run of late.

    The Dow and S&P 500 both sank about 1.8 per cent overnight following reports that Mr Trump tried to influence a federal probe, according to Reuters.

    "I think the market has been looking for a reason to sell-off and now has that excuse," he said.

    Dual-listed Westpac fell 4.1 per cent to $33.36 as it traded ex-dividend while ANZ Group lost 1.3 per cent to $31.10 as Australian banking stocks continue to suffer after a tax on liabilities was proposed in the budget.

    Xero fell 2.7 per cent to $23.20 as investors opted to sell "on a down market day with risk coming off the table", said Mr Smith.

    Fletcher declined 2.4 per cent to $7.99 while A2 Milk lost 1.4 per cent to $3.51.

    Overall, the New Zealand story remains positive, said Mr Smith, pointing to upbeat consumer confidence data earlier in the session.

    In the other direction, Goodman Property Trust and Infratil both gained after their earnings reports.

    Goodman Property added 1.2 per cent to $1.255.

    Infratil added 0.3 per cent to $3.00 after that company beat annual earnings guidance.

    New Zealand Refining led gainers on the market, rising 1.2 per cent to $2.47.

    Ryman Healthcare, due to report on Friday, shed 1.4 per cent to $8.63.


    NZN




    © 2017 NZN, NZCity


     Other Business News
     19 Sep: NZ shares up, milk companies frothy
     19 Sep: Alliance buys Singapore marketer Goldkiwi
     19 Sep: More flights cancelled out of Auckland
     19 Sep: Consumer confidence dips, but we're upbeat
     19 Sep: NZD falls against stronger greenback
     19 Sep: Alternative wouldn't avoid fuel cut: MBIE
     18 Sep: NZ dollar rises as election jitters abate
     Top Stories

    RUGBY RUGBY
    All Blacks change tack for away Tests More...


    BUSINESS BUSINESS
    NZ shares up, milk companies frothy More...



     Today's News

    Auckland:
    Person trapped in car in Auckland harbour 21:57

    Entertainment:
    Russell Brand was addicted to Penguin chocolate biscuits 21:34

    Law and Order:
    Man told sexual abuse is not a crime 21:17

    Entertainment:
    Claudia Schiffer and Matthew Vaughn are "like the same person" 21:04

    International:
    Stanislav Petrov, the Soviet officer who saved the world from nuclear war, dies at 77 20:57

    Entertainment:
    Lorde “danced to Nelly Furtado” to get over her break-up 20:34

    Entertainment:
    Sofia Richie “seems smitten” with Scott Disick 20:04

    Entertainment:
    Lady Gaga has dubbed Selena Gomez a “warrior princess” after her recent kidney transplant 19:34

    Entertainment:
    Demi Lovato is “proud” of Selena Gomez following her recent kidney transplant 19:04

    Business:
    NZ shares up, milk companies frothy 18:57


     News Search






    Power Search


    © 2017 New Zealand City Ltd