NZ shares fall from record

The S&P/NZX 50 Index fell 84.13 points, or 0.7 percent, to 12,835.12. Within the index, 25 stocks fell, 18 rose and seven were unchanged. Turnover was $146.5 million.

The NZ share market rose to a new record on Friday, but the softer sentiment offshore caught up with the local bourse when it opened an hour an half late, due to a technical failure in the NZX’s internal systems.

F&P Healthcare, which lifted from a three-month low on Friday, fell back 3.5 percent to $32.07. A move that size is not uncommon in the currently volatile stock, it been trading in a range between $31.50 and $37 since April. 

“There is a tug of war between those that think Fisher & Paykel’s earnings are going to remain elevated post-covid, and those that believe their earnings will be impacted once covid dissipates,” said Peter McIntyre, an investment adviser at Craigs Investment Partners.