NZ market dives on escalating US-China trade war

The S&P/NZX 50 Index fell 178.86 points, or 1.7 percent, to 10,587.17. Within the index, 47 stocks fell, one rose and two were unchanged. Turnover was solid at $133.2 million.

Cinema software provider Vista Group led the declines, down 5.4 percent at $5.65. The 258,500 shares traded were down on its 334,000 average the past three months.

Index heavy-weight A2 Milk fell 2.9 percent to $16.56. About 1.05 million shares changed hands, up from its 710,000 average. Supplier Synlait Milk, another firm tied closely to China, fell 3.9 percent to $9.32. Units in the Fonterra Shareholders’ Fund were unchanged at $3.75.

“Obviously tension between China and the US is continuing with currency wars developing, and the yuan down to levels not seen since 2008,” said Peter McIntyre, an investment advisor at Craigs Investment Partners.