A2 jumps on US FDA deal; Fed hike sends other stocks lower

A2 Milk's share price likely reflects hope the company will build a better position in the US market. (Image: A2 Milk)

Thu, 03 Nov 2022

New Zealand's sharemarket fell on Thursday after the US Federal Reserve raised interest rates, but dairy stocks gained as A2 Milk was given new access to the US market.The S&P/NZX 50 Index fell 98.48 points, or 0.9%, to 11,184.30. Turnover was $125 million.A2 Milk shares traded as high as $6.28, and closed up 4.2% at $5.99, after it won FDA approval to sell milk formula products in the United States.The infant formula exporter applied for market access in May, when the country was experiencing a critical shortage.Analysts have warned th...

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