NZ shares fall as global uncertainty weighs on utilities; Sky gains on M&A
The S&P/NZX 50 Index dropped 48.75 points, or 0.5 percent, to 10,655.36. Within the index, 29 stocks fell, 17 rose, and four were unchanged. Turnover was $143.8 million.
Stocks across Asia were mixed as investors weighed up stronger than expected US retail data and positive earnings from the likes of Walmart and Alibaba against lingering fears about the democracy protests in Hong Kong, trade tensions between China and the US, and falling bond yields around the world.
The low interest rate environment has been a tailwind for the local market, helping propel it to a record high this month because of the large number of local companies paying reliable dividends. However, low rates usually reduce allowable revenue for regulated utilities such as network operators Vector and Chorus.
Vector led the market lower, down 2.7 percent at $3.65 on a volume of 97,000 shares, less than its 90-day average of 147,000. Chorus fell 2.1 percent to $5.24 on a volume of 2.1 million, more than four times its 469,000 average.
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