Market ends week lower; Sky TV and A2 fall
The S&P/NZX 50 Index dropped 90.67 points, or 0.8 percent, to 10,807.61. Within the index, 36 stocks fell, eight rose, and six were unchanged. Turnover was $101.9 million, with just three companies trading on volumes of more than a million shares.
Sky TV led the market lower, down 3.2 percent at $1.22 on a volume of 681,000 shares, in line with its 90-day 670,000 average. Chief executive Martin Stewart yesterday unveiled plans to use premium sports rights to attract and retain customers with new sports channels and a dedicated sport streaming service. Broking house Jarden has set an 'outperform' rating on the stock and a target price of $1.74.
"The move into streaming was a strong one by the new CEO but the market doesn't agree," said Greg Smith, head of research at Fat Prophets. "It is turning around a little bit for them."
Spark New Zealand, which is going head-to-head with Sky in premium sports content, fell 0.8 percent to $3.89 on a volume of 2.8 million shares. It was the most active stock, but was still short of its 3.2 million average.
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