NZX 50 jumps 1% as dairy stocks rally
The S&P/NZX 50 Index rose 143.35 points, or 1.1%, to 12,912.19. Within the index, nine stocks fell, 29 rose and 12 were unchanged.
Infant formula exporter A2 Milk was the index’s best performer today, surging 3.4% to $7.99. Even so, the stock is still trading at prices last seen in 2018 after having fallen almost 40% this year.
The exporter was reliant on informal cross border resellers, called the daigou, to move product into China. This channel has been crippled by pandemic-era border restrictions which are preventing movement in and out of Australia.
A2 supplier Synlait Milk has been dragged down with its key customer – the stock is now down about 35% year-to-date, even after bouncing 3% to $3.39 today.
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