MARKET CLOSE: NZ shares drop in first trading day of 2019 as Kathmandu whacked on weak sales

Thu, 03 Jan 2019

By Paul McBeth Jan. 3 (BusinessDesk) - New Zealand shares fell in the first trading of 2019, led lower by Kathmandu Holdings, which was punished for posting weaker-than-expected Christmas sales. The S&P/NZX50 dropped 78.9 points, or 0.9 percent, to 8,732.37. Within the index, 38 stocks fell, six rose, and six were unchanged. Turnover was $85.6 million. Kathmandu sank 14 percent to $2.37, a six-month low, after saying trading fell short of management's expectations through the Christmas period, with sales down 1 percent in the 22 week...

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