Shares fall as investors more averse to risk
Ongoing jitters about US politics pushed New Zealand stocks lower on Thursday as investors took risk off the table, with Xero, Fletcher Building and A2 Milk leading the decline on the local bourse.
The S&P/NZX 50 Index fell 51 points, or 0.7 per cent, to 7371.76 within the index, 37 stocks fell, 10 rose and three were unchanged. Turnover was $154 million (£118.90 million).
“The correction we have been waiting for has arrived overnight, with the catalyst being concern over (US President) Donald Trump’s presidency,” said Greg Smith, head of research at Fat Prophets in Auckland.
Mr Smith said global markets – the US in particular – had been primed for a correction after a strong run of late.