Record profits and losses on show in earnings results

The S&P/NZX 50 Index fell 40.37 points, or 0.3%, to 12,633.60. Within the index, 29 stocks fell, 16 rose and five were unchanged. Turnover was $128.9 million.

While the index rose 14% during 2020 amid the pandemic, the gains were not spread evenly across the market. Some stocks, particularly those exposed to travel, are yet to recover from the crisis.

Air New Zealand led the market lower today, falling 3.1% to $1.55, after Auckland airport reported its first loss and threw cold water on any expectations of an imminent recovery. 

Chief executive Adrian Littlewood said the timing of any recovery remains uncertain and he doesn’t expect material quarantine-free, two-way Tasman travel during the remainder of the 2021 financial year.