Investors unnerved by global uncertainty; Fonterra jumps but market falls
The S&P/NZX 50 Index decreased 38.67 points, or 0.4 percent, to 10,822.77. Within the index, 28 stocks fell, 17 rose, and five were unchanged. Turnover was $115.7 million, with just five stocks trading on volumes of more than a million shares.
Australian and New Zealand equity markets were weaker despite Wall Street staging a recovery overnight as investors were buoyed by positive comments from US President Donald Trump that his trade war with China may end sooner than people think.
"It was really a very mixed day. The market's a touch weaker and I do feel there's a little bit of nervousness among investors with what's happening offshore," said Grant Williamson, a director at Hamilton Hindin Greene.
Companies with global exposure were among those leading the local market lower. Pushpay, which generates almost all of its revenue in North America, fell 2.4 percent to $3.20 on an unusually large volume of 3.7 million shares. It was the most traded stock for the day.
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