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...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets Market Close

NZ sharemarket up 0.5% ahead of long weekend

Pacific Edge's share price fell 7.32%.

Tom Raynel 6:05pm

Policy

Apprenticeships to be moved to new industry skills boards

Vocational Education Minister says new training model will help build skills.

Maria Slade 1:00pm

Apprenticeships to be moved to new industry skills boards

Energy

TAG Oil sells more NZ assets

TAG stopped operating in NZ in 2019.

John Anthony 1:00pm

Sponsored

“Not an invisible footprint”: Why technology supply chains need optimising

Outdated hardware is a supply chain and cost risk.

Datacom

Sponsored

Bayleys Total Property Issue 3 out now

Backed by Bayleys’ national strength and global reach

Bayleys

More Markets

Markets Market Close

NZ sharemarket up 0.5% ahead of long weekend

Pacific Edge's share price fell 7.32%.

Tom Raynel 6:05pm

Markets

Pacific Edge suffers another setback in US

Shares in cancer diagnostics company Pacific Edge are down 2.44% to $0.120 after another setback in the US market.The US District Court for the Middle District of Pennsylvania has determined that it does not have jurisdiction to review a Local Coverage Determination (LCD) that co...

Staff reporters 3:00pm