NZ shares fall as blue chips take a breather; Metlife buoys retirement sector
The S&P/NZX 50 Index decreased 40.66 points, or 0.3 percent, to 11,602.12. Within the index, 24 stocks fell, 18 rose, and eight were unchanged. Turnover was $46.2 million, with just Arvida Group trading on a volume of more than a million shares.
The benchmark index was the worst performer among Asia Pacific markets tracked by Refinitiv. The NZX50 is still up almost 32 percent so far this year and is on track for its best run in a calendar year since the measure was created in 2003.
“It’s been a fantastic year and I don’t think too many people in the fourth quarter of last year would have thought there would be a 30 percent run on the bourse,” said Jeremy Sullivan, an investment adviser at Hamilton Hindin Greene.
Sky Network Television led the market lower, down 2.6 percent at 74 cents on a volume of 311,000 shares, less than a third of its 1.2 million share average the past three months. Auckland Airport fell 2.2 percent to $9, Spark declined 1.6 percent to $4.375, Fletcher Building dropped 2.3 percent to $5.17, and Fisher & Paykel Healthcare dipped 0.8 percent to $22.30.
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