Tourism Holdings leads second fall for NZ shares

The S&P/NZX 50 Index fell 48.83 points, or 0.4 percent, to 12,557.13. Within the index, 25 stocks fell, 20 rose and five were unchanged. Turnover was $144.4 million.

It was the second day of decline for the index, which had been on an 11-day bull run prior.

“When you’ve gathered so much momentum and gains have been strong, inevitably you are gonna have a couple of weaker days,” said Peter McIntyre, an investment adviser at Craigs Investment Partner.

Tourism Holdings led the market lower as it continued to drop from a pandemic-era high. After falling 3.7 percent, the stock is now trading at $2.59, levels last seen in early March before a regional coronavirus outbreak in China became a full-scale pandemic.