NZX50 limps into Labour weekend

The S&P/NZX 50 Index fell 32.74 points, or 0.3%, to 13,093.24 in another relatively quiet session, with turnover of $154.7 million across the main board.

Investor sentiment was already unsettled with early worries about whether Chinese property developer Evergrande would make a payment deadline, which was paid this afternoon just before the 30-day grace period expired.

That came as some institutional investors shifted around their portfolios, with activity such as Arvida’s $330m capital raising and the upcoming Vulcan Steel initial public offering requiring them to free up funds.

A2 Milk posted the day’s biggest decline on the top 50 index, falling 4% to $7.01. Investors had been regaining some lost confidence in the milk marketing firm until a second class action came out of the woodwork yesterday.