MARKET CLOSE: NZ shares fall as Synlait drops on weak earnings

Wed, 20 Mar 2019

By Paul McBeth March 20 (BusinessDesk) - New Zealand shares fell for a second day, led lower by Synlait Milk after the dairy company reported weaker earnings, disappointing investors who had anticipated another strong result. The S&P/NZX 50 Index declined 61.57 points, or 0.7 percent, to 9,435.7. Within the index, 31 stocks fell, 15 gained, and four were unchanged. Turnover was $111.8 million. Synlait fell as low as $9.30, ending the day at $9.75, down 14 percent. The milk processor reported a 9.7 percent decline in first-half profit...

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