NZ shares fall for 5th day; Z Energy sold off further

The S&P/NZX 50 Index declined 41.65 points, or 0.4 percent, to 10,863.41. Within the index, 28 stocks fell, 17 rose, and five were unchanged. Turnover was $135.7 million, of which Z accounted for $21.1 million.

Z Energy was down 2.6 percent at $5.53, an eight-month low, on a volume of 3.8 million shares, making it the day's most traded stock. Its 90-day average is 643,000 shares. The retail fuel company cut its earnings outlook by $60 million due largely to an unprecedented level of discounting at a time when the Commerce Commission has the sector under close watch.

"It's ironic that everyone looked at government and the Commerce Commission as the main risk factors, but that they weren't as required as people thought," said Grant Davies, an investment advisor at Hamilton Hindin Greene.

Synlait Milk rose 2.9 percent to $9, posting the day's biggest gain, on a volume of 158,000 shares, more than its 96,000 average. Like Z Energy, Synlait Milk was sold off sharply yesterday when its 2020 forecast disappointed analysts who wanted more from the milk processor.