NZX 50 falls as Westpac's margin tanks

The S&P/NZX 50 Index fell 69.51 points, or 0.5%, to 13,030.31. Turnover was on the light side at $106 million. 

Westpac’s result looked good from a distance, with earnings up more than 100% at A$5.35 billion (NZ$5.6b) and management announcing a A$3.5b share buyback. 

However, investors were underwhelmed by earnings in the second half which fell almost 50% as profit margins shrunk under cost pressure.

Shares in the dual-listed bank fell 6.3% to $25.53 on the NZX – wiping $6 billion from its market value – while rival Australia and New Zealand Banking Group dropped 1.3% to $29.40.