F&P Healthcare sends NZX 50 lower as covid restrictions lift
The S&P/NZX 50 Index fell 153 points, or 1.3%, to 12,051.59. Turnover was $115 million.
F&P Healthcare, the largest stock on the index, did the most damage. It dropped almost 8% to $25.68 – its lowest price since March 2020 – after warning full year revenue would be down roughly 13% on the prior year.
Greg Smith, head of retail at Devon Funds, said his fund had been underweight on F&P Healthcare for a while, in anticipation of falling future earnings.
“The company had always said to watch hospitalisation rates for a read on earnings,” he told BusinessDesk. “Well, that light has been flashing red for some time now”.
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