Market heavyweight drags NZX 50 down

Led by market leader Fisher and Paykel Healthcare, the S&P/NZX 50 Index was down 129.82 points or 1.09% to 11,830.03 and fell 2.5% for the week. 

The index is still ahead 3% so far this year and up about 6.5% over the past 12 months.

There were 52 gainers and 74 decliners on the main board with 32.94 million shares worth $159.17m changing hands.

Respiratory devices manufacturer Fisher and Paykel Healthcare has been a covid pandemic beneficiary, with strong growth. But, as the situation normalises and the company’s earnings slow, it has been trimmed on the sharemarket, just like Mainfreight the day before.