A2 shares plunge over FDA formula deferral
The milk company told the NZX that the US Food and Drug Administration (FDA) is deferring further consideration of the company’s request for enforcement discretion to import infant milk formula products into the US.
The shares dropped 11% to $5.01 when New Zealand’s market opened but made up for a bit of lost ground throughout the day, ending it down 7.5% to $5.21.
The S&P/NZX 50 index was flat today at 11,752.09. Turnover on the main board was a quiet $106.6m.
Mark Lister, head of private wealth research at Craigs Investment Partners, said A2’s shares had experienced “a bit of cold water” over the prospect of the FDA approvals.
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