Investors knock $1b off F&P Healthcare valuation
The S&P/NZX 50 Index fell 104.1 points, or 0.8%, to 12,243.34. Within the index, 27 stocks fell, 16 rose and 7 were unchanged. The index has fallen more than 8% this year.
F&P Healthcare has been doing extraordinarily well during the pandemic as the exporter supplies hospitals around the world with equipment needed to treat covid-19.
This has seen the company’s share price leap from $22.20 at the start of 2020, to a peak of $37.68 in August that year.
Since then, the stock has been bouncing around a midpoint of roughly $33 as investors and analysts tried to predict how well the company would perform after the pandemic.
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