Market commentaries

WELLINGTON: New Zealand shares fell as a2 Milk extended its decline and Fisher & Paykel Healthcare and Scales Corp dropped while Synlait Milk and Mainfreight rose.

The S&P/NZX 50 Index lost 9.34 points to 8635.86. Within the index, 24 stocks fell, 17 rose and nine were unchanged. Turnover was $144.7 million.

‘‘It’s not unexpected. There’s a bit of a riskoff tone out there and we haven’t had any major leads as is usual because the US and the UK were closed last night,’’ Craigs Investment Partners head of private wealth research Mark Lister said.

The index was led lower by a2 Milk, which fell 2% to $10.55. The stock has been dropping for two weeks after it missed expectations in a trading update. It joins the MSCI Global Standard Index tomorrow when that index is rebalanced.

‘‘We’re all watching with interest the rebalancing later in the week as to whether that gives it a boost as a bit of buying demand comes back into the mix,’’ Mr Lister said.

F&P Healthcare fell 1.4% to $13. The company on Monday lifted 2018 annual profit to the top end of its forecast range and said it expected record earnings in the coming year.

Scales Corp fell 0.8% to $4.70 and Z Energy lost 0.7% to $7.40. Synlait was the best performer, up 1.6% to $10.55. Kiwi Property Group rose 1.5% to $1.40.

Mainfreight gained 1.2% to $26.05. It posted a 6.3% rise in fullyear profit. Pacific Edge dropped 12.5% to 28c. It narrowed its fullyear loss by 13% on improving revenue as more urologists and healthcare organisations adopt its Cxbladder cancer diagnostics tests.

A The Australian sharemarket closed modestly higher yesterday as gains by major banks, healthcare companies and miners offset weakness in other sectors.

The benchmark S&P/ASX200 rose 0.16% to 6013.6 points, while the broader All Ordinaries index gained 0.13% to 6121.7 points.

Patersons Securities Economist Tony Farnham said bank stock dividends were still an attraction for investors ‘‘even with all the background noise of the royal commission’’.

Commonwealth Bank gained 74c to $70.35, National Australia Bank lifted 22c to $27.03, Westpac rose 14c to $28.41 and ANZ slipped 1c to $27.72. BHP Billiton was up 0.5% to $32.28, while Rio Tinto lost 0.1% to $83.00. CSL led the health care sector, up $2.04, or 1.1%, to $185.14 and Cochlear advanced $1.00, or 0.5%, to $195.17.

Telcos were weaker. Telstra dropped 3c to $2.81 and TPG Telecom shed 17c to $5.42.

National turnover was 2.8 billion securities traded worth $A5.7 billion. — BusinessDesk/AAP