A2 Milk faces new China competition driving down share prices
The benchmark S&P/NZX 50 Index shed 82.36 points, or 0.8 percent, to 10,759.18. Within the index, 29 stocks fell, 14 rose and seven were unchanged. Turnover was $130.2 million.
A2 shares fell 46 cents, or 3.6 percent, to $12.30. About 646,000 shares hands, down from a daily average of about 740,000 the past three months.
"The biggest weight on the market was A2 – that share price has been trending down for a wee while now. It's really come off the boil since August," says Grant Williamson at Hamilton Hindin Greene.
A2 shares peaked at $18.04 on July 31, although they are still 22 percent higher than a year ago.
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