NZ shares fall as Trump's trade talk spooks investors; exporters fall
The S&P/NZX 50 Index dropped 97.46 points, or 1 percent, to 9,960.62. Within the index, 30 stocks fell, 16 rose, and four were unchanged. Turnover was $115.9 million.
Stocks across Asia were fell after Trump stepped up pressure on China, saying in a tweet that he will hike tariffs on some Chinese goods at the end of the week as trade negotiations are tracking too slowly. The Shanghai Composite Index was down 5.2 percent in afternoon trading, while Hong Kong's Hang Seng dropped 3.3 percent and Australia's S&P/ASX 200 Index fell 0.8 percent.
"The market had a strong lead going into today's trading with excellent jobs numbers out of the United States," said Peter McIntyre, an investment advisor at Craigs Investment Partners. "That all changed within two or three sentences and we're following Asia lower."
Exporters were among the hardest hit, with A2 Milk Co down 2.9 percent at $15.93 on a smaller volume than usual of 564,000 shares. F&P Healthcare fell 2.6 percent to $15.34 on a volume of 364,000, while Air New Zealand declined 1.8 percent to $2.75. Pushpay Holdings, which reports on Wednesday, decreased 0.8 percent to $3.78.
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