NZ shares drop as Sky TV, NZX fall; Vector, Chorus gain
The S&P/NZX50 Index fell 22.79 points, or 0.2 percent, to 9,339.88. Within the index, 30 stocks fell, 13 rose and seven were unchanged. Turnover was $129.55 million.
"The market is up 3.5 percent for the month which is a huge move. It has been driven by the growth stocks and we are seeing a lot of buying coming from offshore," said David Price, broker at Forsyth Barr. "The local market is short of a lot of names that keep being bought, so that accentuates the movement that we're seeing."
"Given the magnitude of the move yesterday, to be pretty largely flat on the day is a pretty good performance."
Sky Network Television was the worst performer, down 4.2 percent to $2.30. Last Friday, the pay-TV operator wrote down its value by $360 million at the end of its financial year, resulting in a $240.7 million annual loss.
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