Market commentaries

WELLINGTON: New Zealand shares fell to a fiveweek low as rising concerns about global growth due to heightened United StatesChina trade tensions extended into Asian markets. Exportfocused a2 Milk dropped.

The S&P/NZX 50 index declined 107.3 points, or 1.2%, to 8660.02, the lowest close since October 30. Within the index, 38 stocks fell, nine gained and three were unchanged. Turnover was quieter than usual at $78.7 million.

Wall Street lost ground on Friday and Asian markets followed suit on concerns that Canada’s arrest of Huawei global chief financial officer Meng Wanzhou could derail the temporary truce between the United States and China. United States authorities are seeking her extradition over claims she was involved in violating United States sanctions against Iran. China on Sunday demanded the United States should withdraw the arrest warrant. The flareup in tensions came just as the two nations kick off 90 days of negotiations.

The S&P 500 Index fell 2.3% on Friday, while across Asia yesterday, Australia’s S&P/ASX 200 was down 2.2% in afternoon trading and Hong Kong’s Hang Seng declined 1.4%.

Hamilton Hindin Greene director Grant Williamson said while the New Zealand market was down it was outperforming Australia.

‘‘We’ve probably held up reasonably well but certainly, the sellers are in charge of the market today,’’ Mr Williamson said.

Duallisted companies were among hardest hit.

Sky Network Television led the market lower, sliding 7.1% to $2.11 and Fletcher Building dropped 3.4% to $4.56, both on light trading.

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A2 fell 4.1% to $10.57 on half its average trading volume. The milk products marketing firm yesterday announced the departure of general manager of international development Simon Hennessy and head of emerging markets business development Michael Bracka.

Australia & New Zealand Banking Group dropped 3.8% to $25.95 and Westpac Banking Corp declined 3.4% to $26.14.

Spark New Zealand was the most traded stock, with 2.3 million shares changing hands compared to the 3 million 90day average. Spark rose 1.7% to $4.27, posting the biggest gain on the day.

Of other stocks with more than 1 million volume, Meridian Energy fell 1.2% to $3.22.

The Australian sharemarket slumped to a twoyear low, weighed down by the major banks as hopes for a trade resolution between the US and

AChina continued to dissipate.

The benchmark S&P/ASX200 index was down 129 points, or 2.27%, at 5552.5 on yesterday, while the broader All Ordinaries fell 2.26%.

Internet and technology shares took the biggest hit during a broad selloff on Wall Street on Friday, with the benchmark S&P 500 index posting its biggest weekly percentage drop since March.

ASX tech stocks followed suit, with Afterpay Touch tumbling 5.7% to $11.97, while Wisetech Global, Altium and Xero lost between four and 4.8%.

But the financials were the heaviest drag with ANZ suffering the biggest loss of the big four lenders, down 4.2% to $24.64, Westpac and Commonwealth fell 3.4% and 3% respectively, and NAB slipped 2.5% to $23.39. — BusinessDesk/ AAP