MARKET CLOSE: NZ shares fall; Z Energy sinks on profit warning

Fri, 13 Dec 2019

New Zealand shares fell as Z Energy’s warning of lower profits and smaller dividends cast a long shadow over the market. The S&P/NZX 50 Index declined 66.39 points, or 0.6 percent, to 11,241.59. Within the index, 28 stocks fell, 18 rose, and four were unchanged. Turnover was $123.8 million, of which Z Energy accounted for $18 million. Z fell as much as 17.3 percent, ending the day at $4.23, down 12.8 percent. The transport fuels retailer downgraded its earnings outlook and said it would pay a smaller dividend as its retail margins remaine...

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