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24 Oct 2017 11:50
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  •   Home > News > Business

    NZ shares fall on Korean nuclear fears

    New Zealand shares were dragged lower on Friday by global nuclear tension in the Korean Peninsula.


    New Zealand shares were dragged lower on Friday by global nuclear tension with Fisher & Paykel Healthcare and Sky Network Television hit hardest while Hallenstein Glasson rose on positive earnings.

    The S&P/NZX50 Index dropped 70.60 points, or 0.9 per cent, to 7719.11. Within the index, 37 stocks fell, eight rose and five were unchanged. Turnover was $132 million.

    The local bourse was weak all day after nervousness about nuclear tensions between North Korea and the United States dragged global equities down overnight.

    F&P Healthcare was the worst performer, down 2.8 per cent to $11.10, while Sky TV dropped 2.8 per cent to $3.16.

    "We have seen a wee bit of buying come back into the marketplace, it was down 1 per cent earlier," said Grant Williamson, director at Hamilton Hindin Greene.

    "There has been quite a major turnaround in Fletcher and Spark since about midday when Australian investors started coming online which is a good reason for the overall improvement in the market, but apart from those two it is pretty much red ink across the board from other large listed companies."

    Spark was the best performer, up 1.2 per cent to $3.915, while Fletcher Building dropped 0.6 per cent to $7.92.

    The benchmark index has been hitting record highs recently, and is still up 13 per cent this year, and Mr Williamson said Friday could be some buyers taking profit ahead of the mid-year reporting season which begins in earnest next week.

    All three companies reporting on Monday joined into Friday's sell-off. Contact Energy fell 1.3 per cent to $5.38, Heartland Bank declined 1.1 per cent to $1.86 and Freightways was down 0.6 per cent to $8.10.

    Outside the benchmark index, Hallenstein Glasson Holdings gained 3.1 per cent to $3.29. The clothing retailer posted a 7 per cent increase in annual sales.


    NZN




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