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26 Feb 2018 12:27
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  •   Home > News > Business

    Shares fall, capping 3.7pc weekly decline

    NZ shares fell on Friday, rounding out a 3.7 per cent weekly decline as investors adjust to increased volatility and rising global bond yields.


    New Zealand shares fell on Friday, rounding out a 3.7 per cent weekly decline as investors adjust to increased volatility and rising global bond yields that are undermining equity markets that have been at record highs.

    SkyCity Entertainment Group gained after kicking off earnings season and Scales Corp fell.

    The S/NZX 50 index dropped 84.77 points, or 1 per cent, to 8092.37. Within the index, 40 stocks declined, seven gained, and three were unchanged. Turnover was $143 million.

    Stocks across Asia followed Wall Street lower for another day as volatility remerged in what's been a whippy week of trading.

    "People are coming around to this point that the jitters that we're experiencing are for a good reason and that is growth in the world is looking better and therefore interest rates have the possibility of rising," said Stu Williams, head of equities at Nikko Asset Management in Auckland.

    "We're just trying to figure out how it works with countries like the US who are accelerating a bit faster and will most likely have shorter-term rates rise versus New Zealand and Australia where it's not clear shorter term rates need to rise in this calendar year."

    Fruit exporter Scales led the benchmark index lower, falling 2.8 per cent to $4.48, followed by honey products maker Comvita down 2.8 per cent to $8.75.

    SkyCity rose 0.5 per cent to $4.05 after reporting a 12 per cent gain in first-half profit on a recovery in its international business and said it was on track to deliver modest annual growth, kicking off corporate earnings season.

    Among companies reporting on Monday, Contact Energy fell 0.4 per cent to $5.34 and Property For Industry gained 0.6 per cent to $1.64.

    Kathmandu gained 1.3 per cent to $2.35, the biggest increase on the day.

    Fletcher Building shares were still halted at $7.77 ahead of a briefing on Monday.


    NZN




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