NZX falls on A2's weak margins

The S&P/NZX 50 Index fell 55.15 points, or 0.4%, to 13,075.4. Turnover was $195 million.

Shares in A2 Milk plunged 11.4% to $6.33, down almost 18% from a six-month high of $7.68 just three days ago.

Some investors had expected the infant formula exporter to give a positive update after a smaller competitor reported impressive recovery to its daigou channel sales.

Chief executive David Bortolussi told investors they were starting to see some signs of improvement, but daigou trade had shrunk to be just 10% of its business.