Market Close: Synlait shares slump on bumped up milk price

Tue, 26 Oct 2021

New Zealand's headline share index dipped after Fonterra announced it would increase its farmgate milk price, pushing up production costs for dairy processors. The S&P/NZX 50 Index fell 17.82 points, or 0.1%, to 13,075.4. Turnover was $135 million – still quiet after the long weekend. Sky Network Television led the market lower, falling 4.2% to $1.84, followed by Synlait Milk which will have to match Fonterra’s high price to buy milk from farmers. The dairy processing firm fell 2.6% to $3.70 as investors facto...

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