NZ sharemarket down following Warehouse downgrade
The S&P/NZX 50 Index had a lunchtime rise but couldn’t maintain the momentum and closed at 11,627.86, down 54.52 points or 0.47% after reaching an intraday high of 11,698.97.
The index has now fallen nearly 1.2% so far this year. There were 93 decliners and 37 gainers over the whole market on volumes of 31.37 million share transactions worth $138.69m.
The Warehouse Group fell 9c or 8.41% to a new all-time low of 98c after telling the market that full-year operating earnings (before interest and tax)) are likely to be $22m-$30m compared with $83.4m in the previous year – a fall of 64%.
The latest guidance excludes the loss from discontinued operations such as TheMarket.com and any potential restructuring costs.
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