Not a great Monday on the market: Sky TV, Steel & Tube warn on earnings
The S&P/NZX 50 Index declined 21.54 points, or 0.2 percent, to 10,873.16. Within the index, 23 stocks fell, 21 rose, and six were unchanged. Turnover was $90.1 million.
Sky TV led the market lower, sliding 6.3 percent to 89 cents on a volume of 782,000 shares, less than its 90-day average of one million. The pay-TV operator forecast earnings and revenue to fall in the 2020 financial year due to accounting rule changes and its investment in streaming and sports content. It will hold a strategy day in February.
Peter McIntyre, an investment adviser at Craigs Investment Partners, said analysts had predicted operating earnings of about $210 million and the downgrade to a range of $170-190 million disappointed investors.
"The market's just not going to wait until February to see a strategy report," he said.
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