A2 Milk leads sharemarket decline

The S&P/NZX 50 Index fell 35.74 points, or 0.3 percent, to 12,732.78. Within the index, 23 stocks rose, 23 fell and four were unchanged. Turnover was $186.9 million.

A2 Milk Company declined 3.6 percent to $14.21 today, after a late surge in the NZX trading session yesterday saw the stock close higher in New Zealand than across the Tasman.

Australia’s tense relationship with China, which has imposed a number of barriers and tariffs on exports, is also weighing on investor sentiment as the company is heavily exposed to China.

The dual-listed stock fell sharply today as it caught up with its foreign exempt listing on the ASX, said Grant Williamson, director at Hamilton Hindin Greene.