F&P Healthcare profit-taking drags NZX 50 down

The S&P/NZX 50 Index fell 117.33 points, or 1 percent, to 12,084.47. Within the index, 25 stocks rose, 21 fell and four were unchanged. Turnover was $213.1 million.

The benchmark index struggled despite global equities stabilising overnight as its biggest constituent fell more than 5 percent.

Respiratory humidifier manufacturer F&P Healthcare has been acting as a counterweight to covid-19 related selling this week as the company benefits from increased sales throughout the pandemic.

This saw the NZX 50 edge higher on Wednesday and fall only half a percent on Thursday—when US markets had fallen more than 3 percent—as F&P Healthcare gained on both days.