NZ shares fall as Pushpay follows Aussie software firms lower
The S&P/NZX 50 Index declined 36.78 points, or 0.3 percent, to 11,141.86. Within the index, 22 stocks fell, 20 rose, and eight were unchanged. Turnover was $106.6 million.
Pushpay led the market lower, down 3.1 percent at $3.15 on a volume of 1.5 million shares, more than twice its 90-day average of 620,000. Investor sentiment for trans-Tasman software firms soured after J Capital Research issued a report questioning WiseTech's growth. Yesterday, UBS researchers started covering Afterpay and issued a 'sell' rating due to the threat of regulation.
WiseTech was down 10.2 percent at A$30 before trading was halted, while Afterpay was down 5.7 percent at A$31.985 in afternoon trading.
Markets across Asia were generally down in afternoon trading, following a weak lead on Wall Street. Australia's S&P/ASX 200 Index was down 0.7 percent in late trading, South Korea's Kospi 200 Index fell 0.2 percent, while Hong Kong's Hang Seng rose 0.7 percent.
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
![[Weekly Wrap] KiwiSaver in play; but outcome unclear](https://goodreturns.publit.io/file/c_fill,w_300,h_200/0ad582e4-c9a3-4692-bbe2-62d928f77fd2.jpg)
