F&P Healthcare drags NZX 50 lower
The S&P/NZX 50 Index fell 73 points, or 0.7%, to 11,173.37. Turnover was $177 million.
Fisher & Paykel Healthcare was the biggest drag on the index, falling 3.9% to $19.90 after it reported full year earnings in line with expectations but without much future guidance.
The manufacturer’s net profit fell 28% to $376m and revenue dropped 15% to $1.7 billion as covid-related demand for its hospital products declined.
This outcome was widely expected but investors may have been hoping for more detail on what will happen next. The company said it was unable to give guidance.
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