The Markets
NZ market flattens out as KMD Brands falls almost 5%
Wednesday 20th of September 2023
Closer to home, outdoor and sports retailer KMD Brands told the market that group sales jumped 12.6% to $1.1 billion – up from $979.8 million a year earlier – and the stock fell almost 5% in response to a weaker outlook.
The S&P/NZX 50 Index fell 19.7 points, or 0.2%, to 11,324.82. Turnover was $105.2 million. There were 57 gainers and 74 decliners on the main board.
'Hawkish stance'
CMC Markets analyst Tina Teng said Wall Street had fallen for a third straight trading day ahead of the Fed rate decision.
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