NZX50 slips as Fonterra result shines in the gloom

NZX50 slips as Fonterra result shines in the gloom
There were 47 gains and 74 falls, with turnover very light at about $70m. (Image: Getty)
Staff reporters
A stronger-than-expected annual result from Fonterra enlivened an otherwise flat day’s trading on the sharemarket.The S&P/NZX50 Index slipped 13.64 points, or down 0.12%, at 11,318.74.There were 47 gains and 74 falls, with turnover very light at about $70 million.Fonterra said its annual net profit shot up by 170% to a record $1.6 billion, driven by strong margins in its cheese and protein businesses.Excluding a net gain from divestments of $248m, the co-op’s normalised profit after tax was $1.329b, up $738m compared with the sa...

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