News | Business
26 Feb 2018 2:16
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • Sport
  • Weather
  • 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, 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




    © 2018 NZN, NZCity


     Other Business News
     25 Feb: Stiassny heads public media advisory group
     25 Feb: Auckland train driver strike starts Monday
     24 Feb: NZ banking on ODI form against England
     23 Feb: CBL Insurance is in interim liquidation
     23 Feb: Northport upbeat on regional fund
     23 Feb: Santa complaint against Coca-Cola upheld
     23 Feb: Comvita swings to first-half profit
     Top Stories

    RUGBY RUGBY
    Quad injury sidelines Tahs lock Simmons More...


    BUSINESS BUSINESS
    Stiassny heads public media advisory group More...



     Today's News

    Cricket:
    Taylor ton and Santner knock see NZ home 22:45

    Health & Safety:
    Bad batch of Ecstasy makes people ill 21:55

    Law and Order:
    Russell McVeagh defends culture again 21:15

    Living & Travel:
    Missing hunter found on Stewart Island 19:45

    Golf:
    Steady Campbell wraps up NZPGA title 19:35

    Rugby League:
    Eels flex muscles in NRL trials 18:55

    Soccer:
    Muscat rejoices after Victory bounce back 18:05

    Rugby League:
    Eels, Roosters big winners of NRL trials 16:55

    Business:
    Stiassny heads public media advisory group 16:45

    Entertainment:
    Winter Olympics: Garlic Girls' dream crushed as Sweden takes curling gold 16:05


     News Search






    Power Search


    © 2018 New Zealand City Ltd