Market commentaries

WELLINGTON: NEW Zealand shares started May in a downbeat way as investors toned down the enthusiasm that drove the benchmark index’s biggest monthly gain in four years.

The S&P/NZX 50 Index fell 83.06 points, or 0.8%, to 10,449.01. Within the index, 28 stocks declined, 16 rose, and six were unchanged. Turnover was $132.9 million.

After a strong open following the long Anzac weekend, the local market dropped throughout this week as investors chose to lock in profits as April came to a close.

Mark Lister, head of private wealth research at Craigs Investment Partners, said investors were now taking stock after the record recovery.

‘‘The NZX50 was up 7.5% in April, which is the best month we’ve had in more than four years and the fourthstrongest month in the history of the index,’’ he said.

‘‘Global sharemarkets have had a substantial rally since the lows in late March, and our market has rebounded 23%odd. So global markets are due a breather after such a strong run and you are seeing that take place across the world, really.’’

Wall Street followed a similar trend overnight, losing ground as investors locked in profits from the S&P 500’s best month since 1987. The S&P 500 closed down 0.9%, the Dow Jones fell 1.2% and the Nasdaq Composite dropped 0.3%.

The Australian S&P/ASX 200 Index was also down 3.4% in late trading today.

Vista Group International led the market lower, down 4.8% at $1.19.

SkyCity Entertainment Group fell 4.1% to $2.55 after the company warned of new delays to the construction of the convention centre and hotel site in Auckland.

Fletcher Building, tasked with building the convention centre, was down 3.2% at $3.58.

Z Energy fell 1.6% to $3.05. It said it has delayed reporting its annual result as Covid19 triggered ongoing discussions with its lenders, requiring additional time to complete the audited accounts. Despite the delay, Z Energy reaffirmed its earnings would be $355 million to $365 million.

The Australian sharemarket suffered its worst day in five weeks as traders continued to sell any rallies.

The S&P/ASX200 benchmark index finished down 276.5 points, or 5.01%, at 5245.9 points, while the All Ordinaries index closed down 272.7 points, or 4.87%, at 5325 points.

One Australian dollar was buying US64.60c, down from 65.43c at Thursday’s close. — BusinessDesk/AAP