NZX 50 has fallen 8.5% this year
The S&P/NZX 50 Index fell 61.09 points, or half a percent to 12,182.25. Within the index, 22 stocks fell, 21 rose and six were unchanged.
Fisher & Paykel Healthcare was again one of the key causes of weakness on the index. The heavyweight stock dropped another 1.7% to $29.21 today, bringing its total decline in the past month to almost 20%.
Head of research at Fat Prophets, Greg Smith said the lack of forward guidance had spooked investors who were struggling to justify the stock's ultra-high valuation without knowing what future earnings would be.
Smith said investing in the healthcare exporter was “starting to look interesting” at these prices, as the company had exposure to the reopening economy as well as the pandemic.
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