Heavyweight stocks drag market down

The S&P/NZX 50 Index fell 89.13 points, or 0.8 percent, to 11,662.16. Within the index, 18 stocks rose, 27 fell and five were unchanged. Turnover was $173.5 million.

Fisher & Paykel Healthcare continued to drag the market lower as some large shareholders cashed in profits following it soaring to a record high after upgrading its earnings guidance on Tuesday. Its share price fell a further 2 percent to $34.99, just above Monday’s closing price of $34.90.

A2 Milk Company also continued to decline, falling 1.9 percent to $19.96, as investors corrected the stock’s valuation after overestimating its earnings result on Wednesday.

“The market is still digesting results over the past few days, which is being reflected in those two share prices,” said Sam Trethewey, portfolio manager at Milford Asset Management.