Investors hard on soft earnings as NZ sharemarket continues to slide
The S&P/NZX 50 was on a gradual decline all day and closed at 11,571.22, down 82.05 points or 0.7%. The index has fallen on nine of the last 11 trading days and is down 2.5% so far this month.
There were 78 decliners and 49 gainers on the main board with 30.72 million shares worth $110.56m changing hands.
KMD Brands, which listed as Kathmandu in 2009, declined 7c or 11.29% to a new low of 55c after telling the market that group sales are expected to fall 14.5% to $469m for the six months ending January because of “ongoing weakness in consumer sentiment”.
Kathmandu store sales are forecast to fall 21.5% (up 51.2% in the previous corresponding period); Rip Curl down 9.2% (up 18.8$%); and Oboz shoes declining 20% (up 124.3%).
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