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25 Apr 2018 20:34
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  •   Home > News > Business

    NZ shares drop 1.4pc on foreign selling

    New Zealand shares fell over 1 per cent on Thursday as foreign investors sold back their stakes, with A2 Milk Co and Meridian Energy hit hardest.


    Fonterra
    Fonterra

    New Zealand shares fell over 1 per cent on Thursday as foreign investors sold back their stakes, with A2 Milk Co and Meridian Energy hit hardest.

    The S&P/NZX50 Index dropped 114.46 points, or 1.4 per cent, to 8250.44. Within the index, 36 stocks fell, 10 were unchanged and just four rose. Turnover was $131.7 million.

    "The market has certainly had a change of direction,'' said Grant Williamson, investment advisor at Hamilton Hindin Greene.

    ''Stocks held largely by foreign investors have come under pressure and there are not a lot of buyers in the marketplace at the moment, so when you have a number of investors wanting to get out it certainly puts pressure on pricing.

    "It does look like foreign investors are taking profits, the Kiwi dollar has helped them recently by strengthening," Mr Williamson said.

    "The market is still underpinned by solid fundamentals. We've had such a good run, we have been overdue for somewhat of a correction, but I don't see it lasting too long."

    Blue chip stocks like Fletcher Building, Meridian Energy, and Ryman Healthcare have dropped on the back of this selling, he said.

    Meridian Energy was the second-worst performer on the index, falling 2.7 per cent to $2.90, with Ryman down 2.1 per cent to $10.94 and Fletcher falling 1.3 per cent to $7.61.

    A2 Milk Co, the biggest gainer last year as its share price soared on optimism about the Chinese appetite for its baby formula, was the worst performer, down 4.4 per cent to $7.74.

    Port of Tauranga was the best performer, up 1.4 per cent to $5.03, while Fonterra gained 1.2 per cent to $6.60 and Trustpower rose 1.2 per cent to $5.97.

    Outside the benchmark index, Warehouse Group dropped 2.4 per cent to $2.06. It expects first-half adjusted earnings from continuing operations to fall 22-to-28 per cent as it keeps investing to transform the business.

    New Zealand Oil & Gas was unchanged at 71 cents. OG Oil & Gas has declared its partial takeover for NZOG unconditional.


    NZN




    © 2018 NZN, NZCity


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