MARKET CLOSE: NZ shares fell, led by A2 Milk as it faces new China competition

By Jenny Ruth | Wed, 06 Nov 2019


New Zealand shares declined after A2 Milk fell on news of a new competitor in China's infant formula market and as rising bond yields made dividend stocks less attractive. The benchmark S&P/NZX 50 Index shed 82.36 points, or 0.8 percent, to 10,759.18. Within the index, 29 stocks fell, 14 rose and seven were unchanged. Turnover was $130.2 million. A2 shares fell 46 cents, or 3.6 percent, to $12.30. About 646,000 shares hands, down from a daily average of about 740,000 the past three months. "The biggest weight on the market was A2 – tha...