NZ shares decline as A2 Milk pulls back

The S&P/NZX 50 Index fell 52.57 points, or 0.4%, to 12,499.36. Within the index, 30 stocks fell, 18 rose and two were unchanged. Turnover was $161 million.

A2 Milk fell 3.7% to $6.50 after jumping more than 6% on Friday, and Pushpay Holdings declined 3.3% to $1.76 – after ending last week with a 4% surge.

Internet infrastructure firm Chorus fell 3.6% to an 18-month low $6.09. The stock has been sliding since late May when the Commerce Commission released its draft decision on the maximum allowable revenue the firm would be able to earn in the new regulatory regime.

Analysts have mixed views on the stock and valuations range between $7.60 and $6.20.