Market close: Market eases after a strong afternoon of trading

After strong afternoon trading, the S&P/NZX 50 eased late in the day and closed at 12,457.451, down 34.17 points or 0.27%.

The index was flat for the week but is ahead nearly 6% for the year. There was continued heavy trading with 50.39 million shares worth $210.92 million changing hands.

During the morning a2 Milk rose 69c or 11.31% to $6.79 after reaching a high of $7.05. It said it was going into a trading halt until Tuesday “to provide additional time to inform the market regarding a potential acquisition”. 

Shane Solly, portfolio manager with Harbour Asset Management, said there was speculation that a2 Milk was buying another production facility.