MARKET CLOSE: NZ shares fall as Synlait Milk slumps to 2-year low
By Dan Brunskill |
Thu, 13 Feb 2020
New Zealand shares were led lower by Synlait Milk after the dairy company slashed its earnings outlook, citing a weak infant formula market and the risk posed by the covid-19 outbreak to its supply chain.
The S&P/NZX 50 Index declined 17.40 points, or 0.1 percent, to 11,880.84. Within the index, 21 stocks fell, 24 gained, and five were unchanged. Turnover was $167.1 million.
Synlait Milk fell as low as $6.70, and ended the day down 18 percent at $6.80 on a volume on 1.2 million shares, more than 10 times its 90-day average. The milk proc...