NZX50 falls 1.6% this week as sour sentiment saps F&P Healthcare

New Zealand’s S&P/NZX 50 index snapped two weeks of gains as heavyweight Fisher & Paykel Healthcare had its worst week since February as Australian investor sentiment cooled on health stocks.

The local benchmark fell on Friday in a broadly weaker day across Asia as investors kept tabs on the summit between US President Donald Trump and his Chinese counterpart Xi Jinping, with hopes cooling for increased chip sales to China.

Fletcher Building posted the biggest gain on the day after the building materials firm sold a property in South Australia as it continued to streamline its business, while Gentrack was only local tech company to follow a strong lead from the US, along with Australian-listed software firms Xero and WiseTech Global.

And bladder cancer test maker Pacific Edge neared a three-year high after its triage and triage plus products were provisionally included in the US Medicare coverage database, reviving the firm’s ambitions to grow in the world’s biggest economy.