MARKET CLOSE: NZ shares fall; investors cash in gains to chase value elsewhere

Thu, 09 Apr 2020

New Zealand shares fell as investors cashed in strong-performing stocks, including Fisher & Paykel Healthcare and A2 Milk, to pursue value in beaten up stocks which may be set for recovery. The S&P/NZX 50 Index declined 67.76 points, or 0.7 percent, to 9,963.90. Within the index, 16 stocks fell, 30 rose, and four were unchanged. Turnover was $332.2 million. Greg Smith, head of research at Fat Prophets, said there was an “Easter value hunt” happening as investors sold high-value stocks to take advantage of low share prices of other compani...

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