MARKET CLOSE: NZ shares fall as Synlait declines another day
By Dan Brunskill |
Fri, 14 Feb 2020
New Zealand shares fell as Synlait Milk led the market lower for a second day after it slashed its earnings outlook yesterday.
The S&P/NZX 50 Index declined 46.01 points, or 0.4 percent, to 11,834.83. Within the index, 24 stocks fell, 23 gained, and three were unchanged. Turnover was $168.2 million.
Synlait Milk fell 5.6 percent to $6.42, having been aggressively sold off yesterday, after it revised first-half net profit down by roughly $10 million and lowered its annual outlook to a flat profit at best. In two days the stock has dropped ...