Investors cash in April's gains' NZX down
The S&P/NZX 50 Index fell 134.12 points, or 1.3 percent, to 10,532.07. Within the index, 20 stocks declined, 23 rose, and seven were unchanged. Turnover was $248.3 million.
Blue chip companies including Meridian Energy, Spark New Zealand and Ryman Healthcare led the market lower as investors took the end of month as an opportunity to “lock in some profits” and review their portfolio, said Sam Trethewey, a portfolio manager at Milford Asset Management.
“We’ve seen some profit-taking across several of the large cap names following a strong month, where investors have been willing to look through some of the shorter-term headwinds from covid and focus on the medium-term value,” he said.
The NZX50 is up 7.9 across the month, rallying as investors grew increasingly optimistic that the outbreak has plateaued. The number of new virus cases has fallen steadily since Easter, with just three new local cases reported today.
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