NZ shares lower amid Brexit uncertainty
New Zealand shares fell, with markets weaker across Asia as the uncertainty over Britain’s exit from the European Union keeps investors on edge. The S&P/NZX50 Index decreased 9.56 points, or 0.1 per cent, to 9387.69. Within the index, 20 stocks fell, 24 rose, and six were unchanged. Turnover was $192 million.
“On a more regional basis, it’s just a bit soft following on from the uncertainty around Brexit and more data-points a bit softer globally,” said Shane Solly, a portfolio manager at Harbour Asset Management.
Fletcher Building fell 3.6 per cent to $4.60 on a volume of 1.4 million shares. The dual-listed banks were also weaker, with Westpac Banking
Corp falling 2.5 per cent to $27.30 and
Australia & New Zealand Banking Group down 0.7 per cent at $27.65.
AMP fell 2.5 per cent to $2.33.
Fisher & Paykel Healthcare,
which has been buoyed in recent weeks by its settlement with rival ResMed, declined 1.1 per cent to $14.67 on lighter volume than usual of 551,000 shares. A2 Milk Co fell 1.1 per cent to $14.16 on a volume of 418,000, less than half its 90-day average.
Sky Network Television rose for a second day, up 2.3 per cent at $1.33. Volume of 9.1 million shares was almost 15 times its three-monthly average. The pay-TV operator has been trading more heavily than usual and hit an all-time low this week as investors remain cautious about its ability to adapt to a new operating environment. Chorus closed at a record, up 1.9 per cent at $5.685 on a volume of 2.2 million shares, more than four times its recent average.
Spark New Zealand was the most traded stock on a volume of 10.2 million, more than twice its 4.8 million three-month average. The stock fell 0.7 per cent to $3.715.
Air New Zealand fell fell 0.8 per cent to $2.48 on a larger volume than usual of 3.7 million shares. Z Energy dropped 1.3 per cent to $6.12 with 2.7 million shares changing hands. Of other companies trading on volumes of more than a million shares, Precinct Properties New Zealand was unchanged at $1.545, Contact Energy slipped 0.2 per cent to $6.47,
Summerset Group rose 1.8 per cent to $6.70, Auckland International Airport increased 0.1 per cent to $7.72, Ryman Healthcare advanced 0.4 per cent to $11.33, Genesis Energy edged up 0.2 per cent to $2.855, and
Meridian Energy rose 1.2 per cent to $3.85. Mercury NZ slipped 0.4 per cent, or 1.5 cents, to $3.685 after shedding rights to a 6.2 cent dividend. Trade Me Group was unchanged at $6.40 on a volume of 1.1 million. Restaurant Brands New Zealand rose 2.3 per cent to $9 on skinny volumes of 34,000.