NZ shares fall as A2 hits 7-month low; Spark still defies naysayers
The S&P/NZX 50 Index fell 14.62 points, or 0.1 percent, to 10,873.33. Within the index, 21 stocks fell, 26 rose and three were unchanged. Turnover was $102.1 million with four stocks trading on volumes of more than a million shares.
A2 led the market lower, down 3.1 percent at $13.28 on a volume of 608,000 shares, less than its 90-day average of 822,000. The milk marketing firm has been on the back foot since China Mengniu Dairy Co announced a A$1.5 billion takeover bid for Bellamy's Australia, raising the spectre of a tougher competitor for A2.
"I think there are still some questions being asked around the Chinese takeover and how that is going to affect A2 in the key Chinese markets," said Greg Smith, head of research at Fat Prophets.
Sky Network Television gave up some of yesterday’s gain in relatively busy trading, down 0.9 pecent at $1.15, with 1.8 million shares changing hands. The pay-TV operator rose yesterday amid a torrent of news about Spark New Zealand’s live-streaming issues over the weekend.
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)
