Market commentaries

WELLINGTON: New Zealand shares yesterday snapped five days of gains as optimism over the cooling of USChina tensions abated. Spark New Zealand declined as new accounting standards prompted it to adopt new earnings measures.

The S&P/NZX 50 decreased 10.33 points, or 0.1%, to 8865.76. Within the index 25 stocks fell, 14 rose, and 11 were unchanged. Turnover was $110.6 million.

Trading across Asia was more muted yesterday after a strong gain on Monday after US and Chinese presidents Donald Trump and Xi Jinping adopted a calmer stance in their trade dispute.

‘‘We had a good day yesterday and things were quite good overnight, but it wasn’t enough to lift us again,’’ said David Price, a broker at Forsyth Barr. ‘‘The volumes are still pretty quiet and I think that’ll be the case as we wind down until Christmas.’’

Spark declined 1.5% to $4.21, with 4.5 million shares changing hands, compared with its average 2.9 million. On Monday, the telecommunications company closed at its highest price since divesting Chorus as a standalone company. Yesterday it updated analysts on new earnings measures as it adopts the latest accounting standards, listing rules and accounts for Spark’s new agile operating structure. Chorus dropped 0.2% to $4.75 on light volumes.

Z Energy fell 1.8% to $5.62 on half its average volume after acknowledging the governmentordered market study into transport fuels. Mr Price noted the Government had toned down its rhetoric from claiming consumers were being ‘‘fleeced’’ to now wanting to ensure people are paying a fair price. New Zealand Refining dropped 2.1% to $2.30 on slightly higher volumes than usual.

Fisher & Paykel Healthcare dropped 1.9% to $13 as the kiwi rose to a fivemonth high. The breathing maskmaker generates more than half its revenue in US dollars.

Vector slipped 0.3% to $3.30 on average volumes after a partial win in the Court of Appeal over the terms of its contracts with retailers.

Synlait Milk climbed 5% to $9.75 on light volumes and a2 Milk gained 2.8% to $11.22 on average volumes. On Monday, a2 said it would meet China’s new crossborder ecommerce requirements affecting its sales of Platinum infant formula.

Fletcher Building was unchanged at $4.80 on a slightly busier volume of 1.8 million, while Stride Property increased 0.5% to $1.87 on 1.4 million shares, compared with its 276,000 90day average.

Of companies with volumes of more than one million shares, Meridian rose 0.5% to $3.315, Sky Network Television fell 1.3% to $2.27, Genesis Energy decreased 0.2% to $2.50, Contact Energy was down 0.3% at $5.88, Property for Industry increased 0.3% to $1.72, Kiwi Property Group slipped 0.4% to $1.355, and Goodman Property Trust was unchanged at $1.56.

Outside the benchmark index, Delegat Group was unchanged at $9.76 after affirming guidance for an 8% increase in global wine sales and a 12% rise in operating profit.

A The Australian sharemarket yesterday suffered nearacrosstheboard losses as the positive sentiment from the trade truce brokered at the G20 summit dissipates.

The benchmark S&P/ASX200 index was down 58.1 points, or 1.01%, at 5713.1 on Tuesday, while the broader All Ordinaries fell 1%.

The selloff suggests the temporary resolution between the US and China, which boosted in markets across the world, might have been a ‘‘bandaid solution‘‘, Pepperstone head of research Chris Weston said.

‘‘Perhaps the damage has already been done for the global economy from the trade tariffs,’’ he told AAP.

The energy sector was 1.4% lower despite a rise in oil prices, which Mr Weston said was a reflection of investors questioning the global growth outlook. —BusinessDesk/AAP