MARKET CLOSE: Z Energy, Synlait crash on earnings downgrades

Thu, 12 Sep 2019

By Paul McBeth Sept. 12 (BusinessDesk) - New Zealand shares fell as investors punished fuel retailer Z Energy and dairy processor Synlait Milk for earnings downgrades. The S&P/NZX 50 Index was 19.82 points, or 0.2 percent, lower at 10,905.06. Within the index, 26 stocks fell, 22 rose, and two were unchanged. Turnover was $121.5 million, of which Z accounted for $17.3 million and Synlait $5 million. Matt Goodson, managing director at Salt Funds Management, said the market has had a very strong start to September, despite the fact that...

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