Market commentaries

WELLINGTON: New Zealand shares dropped yesterday, led by Synlait Milk and Infratil, while Gentrack Group gained and Ryman Healthcare hit a record high.

The S&P/NZX 50 Index fell 21.54 points to 9001.39. Within the index, 24 stocks fell, 15 were unchanged and 11 rose. Turnover was $107 million.

‘‘The market has really only been trading in a pretty small range throughout the day, and it really has gone into a bit of a lull ahead of reporting season,’’ Hamilton Hindin Greene director Grant Williamson said.

Synlait Milk was the worst performer, down 2.2% to $11.14. Infratil dropped 1.8% to $3.34 and Scales Corp fell 1.7% to $4.65.

Skellerup Holdings fell 1% to $1.92. It has bought a 35% stake in Wisconsinbased liquid silicone rubber maker Sim Lim Technic for $US1.1 million ($NZ1.6 million). It wants to take the technical expertise of the liquid silicone rubber maker to a wider market, saying the product is ideal for ‘‘sterile environments and use in highprecision medical and consumer products’’.

Fletcher Building was unchanged at $6.95. ‘‘Investors are just waiting for further news as the company tries to get more focus on New Zealand and Australian operations,’’ Mr Williamson said.

Gentrack Group was the best performer, up 1.4% to $7.05, while Kathmandu Holdings gained 1% to $2.91 and a2 Milk Co rose 0.9% to $11.77.

Ryman Healthcare rose 0.7% to a record $12.33. The stock is up 16% this year.

A The Australian sharemarket came under pressure after the United States ramped up its trade war with China.

The benchmark S&P/ASX200 index was down 42.5 points at 6215.6 points, while the broader All Ordinaries fell 42.6 points, or 0.67%, at 6300.2.

After the close of trade on Wall Street on Tuesday, the US announced plans to impose a further $US200 billion of tariffs on Chinese products. Investors are anxiously awaiting China’s response.

The latest move comes just days after the two nations imposed tariffs of $US34 billion on each other’s goods.

CMC Markets chief market strategist Michael McCarthy says the latest tariff announcement by the Trump Administration has ‘‘really scared investors’’. ‘‘We’re seeing antigrowth movement across the markets, all of the AsiaPacific exchanges are under pressure, every single one of them in the red,’’ Mr McCarthy said.

Fears about the global economic outlook due to the escalating trade war triggered big falls across the energy, materials, industrials and financial sectors.

Rio Tinto dropped 1.8% to $80.16, BHP Billiton fell 1.3% to $33.78 and Wesfarmers lost 1% to $48.88.

The nation’s big four banks all finished in the red. Commonwealth Bank fell 0.5% to $74.05, National Australia Bank lost 0.7% to $27.65, ANZ slipped 0.8% to $28.57 and Westpac fell 0.7% to $29.29.

Bucking the broader market were some consumerexposed stocks, including supermarket giant Woolworths (up 1.4% to $31.28) and travel operator Flight Centre (up 3.8% to $64.61). — BusinessDesk/AAP