MARKET CLOSE: NZ shares fall as Sky TV, Steel & Tube warn on earnings

Paul McBeth
Mon, 18 Nov 2019

New Zealand shares fell as investor confidence was dented by profit warnings from Sky Network Television and Steel & Tube Holdings. The S&P/NZX 50 Index declined 21.54 points, or 0.2 percent, to 10,873.16. Within the index, 23 stocks fell, 21 rose, and six were unchanged. Turnover was $90.1 million. Sky TV led the market lower, sliding 6.3 percent to 89 cents on a volume of 782,000 shares, less than its 90-day average of one million. The pay-TV operator forecast earnings and revenue to fall in the 2020 financial year due to accounting r...

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