NZX50 stumbles as F&P Healthcare, Infratil weigh

New Zealand’s S&P/NZX 50 index fell as Australia’s CSL continued to weigh on health stocks such as Fisher & Paykel Healthcare and Ebos Group, and Infratil lost momentum from its hefty lift in contracted capacity.

The a2 Milk Co led the benchmark index lower, even as other food exporters rallied, such as Scales Corp, Sanford and the Fonterra Shareholders’ Fund, while Vulcan Steel posted the biggest gain on the day in relatively thin trading.

Statistics New Zealand’s concrete-use figures were weaker than expected, while ANZ’s monthly traffic gauge showed light vehicle movements tapered off in April, in a mixed day for travel and logistics firms.

And Nasdaq-listed Rocket Lab hit a new high overnight as the Kiwi-born space company carried on its rally after beating analysts’ expectations in its latest quarterly report, amid optimism for the broader sector ahead of the much-anticipated SpaceX initial public offering in New York.