Market Close: Property stocks pull NZX 50 lower

Thu, 04 Nov 2021

Every property stock listed on the NZX fell today after Precinct Properties told shareholders that rent abatements were costing about $500,000 per week or 3% of its rental income.The S&P/NZX 50 Index fell 50 points, or 0.4%, to 12,943.94. Turnover was $149 million. Precinct’s chief executive Scott Pritchard said the company was giving some retailers free rent during the lockdown but even that hadn’t stopped some closures. The property investment firm is one of the largest owners of inner-city office and retail space in...

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