Pushpay pushes market down

The S&P/NZX 50 Index fell 118 points, or 0.9%, to 12908.15. Turnover was $176.6 million.

Church donation software company Pushpay plunged 8.1% to $1.47 with almost 10 million shares – worth more than $14m – changing hands.

The stock is now down 20% since reporting somewhat soft half-year earnings on Wednesday, despite some analysts remaining positive on the company’s outlook.

Morningstar analyst Shaun Ler was particularly upbeat, trimming just 15 cents off his $2.20 target price and telling investors to “keep the faith in Pushpay’s growth story”.