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19 Feb 2018 9:18
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  •   Home > News > Business

    NZ shares down as Pushpay, Fonterra drop

    New Zealand shares fell in light volume on Monday as holiday trading continued, with Pushpay Holdings and Fonterra Shareholders Fund leading the losses.


    Fonterra
    Fonterra

    New Zealand shares fell in light volume on Monday as holiday trading continued, with Pushpay Holdings and Fonterra Shareholders Fund leading the losses.

    The S&P/NZX50 Index dropped 30.98 points, or 0.4 per cent, to 8211.37. Within the index, 22 stocks fell, 14 rose and 14 were unchanged. Turnover was $61 million.

    "There's not a lot happening in the markets today - there were a couple of quite strong trading days last week, but we've started off today like everyone's gone back on holiday," said Peter McIntyre, investment adviser at Craigs Investment Partners.

    "We're in a bit of a holding pattern. We're not going to get any direction overnight because the US market is going to be closed for Martin Luther King Jr Day.''

    Fonterra dropped 2.1 per cent to $6.52.

    "A number of farmers had to share up by last Friday, that's why we saw some strength in those shares last week," Mr McIntyre said.

    "They were definitely one of the best performers last week, they increased by about 3 per cent. It's a bit weaker today, but on really light volume."

    Pushpay Holdings led the index lower, down 2.9 per cent to $4.01, with Tourism Holdings falling 1.7 per cent to $5.69.

    Fletcher Building was the best performer, up 1.7 per cent to $7.70. Sanford rose 1.2 per cent to $8.40.

    Mercury was unchanged to $3.38. It has selected Tesla as the provider for a scalable national grid-connected battery trial.

    Sky Television was unchanged at $2.81. It has settled with Mediaworks and Fairfax a copyright dispute.

    Outside the benchmark index, Xero gained 0.8 per cent to $32.72. Chief financial and operating officer Sankar Narayan sold A$883,482 of stock to meet a personal tax bill accruing from the share component of his pay packet.

    The company will delist from the NZX on January 31.


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