NZ market falls as earnings season kicks off

The S&P/NZX 50 index fell 103.6 points, or 0.9%, to 12,075.18. Turnover was $91.4 million.

Peter McIntyre from Craig’s IP said building and healthcare stocks had helped drag NZ’s market lower today as shareholders wrapped their heads around gloomy company updates.

Fletcher Building fell 5.4% to $5.13 and traded almost $19m by the end of the day. It surprised the market this morning by announcing its first-half results which were to be officially released this Wednesday.

The company downgraded its full-year guidance but revealed its first-half operating profit was up 8%. Earnings before interest and tax (Ebit) for the year ending June are now expected to come in between $800m and $855m.