Sharemarket drama as reporting season resumes
The New Zealand sharemarket, down more than half a per cent, had plenty to chew on – improved half-year results from a2 Milk and Contact Energy, a resilient performance from Freightways, sharp earnings downgrades from Ryman and Air NZ, and a possible credit rating cut for Fletcher Building.
Among all the drama, the S&P/NZX 50 Index picked itself up after an early-morning fall and traded steadily in the afternoon until a late dip to close at 11,653.27 – down 71.21 points or 0.61%.
There were 48 gainers and 91 decliners over the whole market, with 29.78 million shares worth $102.28m changing hands.
Matt Goodson, managing director of Salt Funds Management, said the market tends to shoot first and ask questions later.
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