New Zealand stocks fell as Fletcher Building dropped near a year-low with speculation the firm is vulnerable to a corporate raid and as global equity markets were subdued with the protracted stand-off between the US and North Korea and weaker-than-expected US company earnings.
The S&P/NZX 50 index declined 15 points, or 0.2 per cent, to 7,218.52. Within the index, 29 stocks fell, 13 rose and 8 were unchanged. Turnover was $138 million (£107.64 million).
Australia’s S&P/ASX 200 index was down 0.5 per cent in afternoon trading while China’s Shanghai Stock Exchange Composite Index fell 0.8 per cent after the Dow Jones Industrial Average fell 0.6 per cent on Wall Street. Geopolitical uncertainty coupled with a disappointing earnings report from Goldman Sachs Group and Johnson & Johnson weighed on sentiment.
“It’s a bit of a down day today, following Wall Street and some of the Asian markets. Some of our leading stocks have been hit relatively hard,” said Hamilton Hindin Greene Broker Grant Williamson.
The articles are for information purposes only and Precise Investors shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.
Precise Investors does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.
Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.