MARKET CLOSE: A2 plunges on Nestle competition, Sky TV down 8% on rugby rights

Wed, 28 Mar 2018

By Sophie Boot March 28 (BusinessDesk) - New Zealand shares dropped 1.4 percent with A2 Milk Co and Synlait Milk sold off over competition from Nestle in China, while Sky Network Television fell on news it likely won't win the broadcasting rights for the 2019 Rugby World Cup. The S&P/NZX50 Index fell 120.04 points, or 1.4 percent, to 8,388.08. Within the index, 40 stocks fell, seven rose and three were unchanged. Turnover was $192.3 million. "The US tipped over very aggressively late, lead by tech stocks which New Zealand doesn't have...

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