Down day for share prices amid global tension

New Zealand shares fell for a sixth session, led lower by utilities Vector and Chorus, as investors remain concerned trade and geopolitical tensions could trigger a global recession. Sky Network Television gained after buying a new online rugby business.

The S&P/NZX 50 index dropped 48.75 points, or 0.5 per cent, to 10,655.36. Within the index, 29 stocks fell, 17 rose, and four were unchanged. Turnover was $143.8 million.

Stocks across Asia were mixed as investors weighed up stronger than expected US retail data and positive earnings from the likes of Walmart and Alibaba against lingering fears about the democracy protests in Hong Kong, trade tensions between China and the US and falling bond yields around the world.

Vector led the market lower, down 2.7 per cent at $3.65 on a volume of 97,000 shares, less than its 90-day average of 147,000. Chorus fell 2.1 per cent to $5.24 on a volume of 2.1 million, more than four times its 469,000 average.

Several blue-chip stocks were weaker on relatively large volumes. Kiwi Property Group fell 1.2 per cent to $1.61 on an unusually large volume of 4.8 million shares. Spark New Zealand decreased 1.1 per cent to $3.98 on a volume of 2.9 million — in line with its average volume — and Fisher & Paykel Healthcare was down 1.1 per cent at $15.80 with 982,000 shares changing hands, almost twice its 554,000 average.

Sky TV rose 1.6 per cent to $1.24 on a volume of 1.1 million shares after the pay-TV operator said it will pay up to US$40 million ($62m) in cash and shares for online rugby platform RugbyPass.

Precinct Properties New Zealand increased 0.3 per cent to $1.835 on a volume of 2.4 million shares after reporting a 3 per cent increase in operating earnings and saying its delayed Commercial Bay development is still on track for its retail and office opening dates.

Peter McIntyre of Craigs Investment Partners said the result was in line with expectations, and that investors were keenly watching Commercial Bay in anticipation of it driving up the stock’s net tangible assets.

Precinct withheld more cash from Fletcher Building over the delayed construction. Fletcher decreased 0.9 per cent to $4.52 on a volume of 1.1 million shares.

Of other stocks trading on volumes of more than a million shares, Contact Energy

rose 0.7 per cent to $8.40, Argosy Property

fell 0.7 per cent to $1.415, Z Energy

decreased 0.3 per cent to $6.66, Goodman Property Trust was down 0.9 per cent at $2.125, Infratil dropped 1.9 per cent to $4.66, and Meridian Energy was unchanged at $4.75.