MARKET CLOSE: A2 drags stock index lower, Synlait, Fletcher Building fall

Wed, 16 May 2018

By Sophie Boot May 16 (BusinessDesk) - New Zealand shares fell as A2 Milk Co disappointed investors with a market update, dragging down partner Synlait Milk. The S&P/NZX 50 Index dropped 153.27 points, or 1.8 percent, to 8,555.51. Within the index, 24 stocks dropped, 20 rose and six were unchanged. Turnover was $240 million. A2 Milk tumbled 13.7 percent to $11.30, after a trading update today disappointed investors who had been optimistic about the milk marketing firm's outlook. The Auckland-based company said second-half gross margin...

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