MARKET CLOSE: NZ shares fall as Gentrack paints grim earnings outlook

Mon, 20 Jan 2020

New Zealand shares fell today with Gentrack leading the market lower as the software company painted a grim picture for future earnings. The S&P/NZX 50 Index fell 53.26 points, or 0.5 percent, to 11,746.95. Within the index, 25 stocks fell, eight held steady and 17 rose. Turnover was $81.1 million. Gentrack sank 13.6 percent to $2.35, below the $2.40 price the shares were sold at in a 2014 initial public offering. The utilities software developer said annual earnings will drop by as much as two thirds as tighter regulation in Australian a...

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