Shares plummet as A2 shocks market

Fri, 18 Dec 2020

New Zealand’s benchmark equity index tumbled as one of its biggest stocks, A2 Milk Company, lost a fifth of its value after a second earnings downgrade.The S&P/NZX 50 Index fell 206.77 points, or 1.6 percent, to 12,682. Within the index, 32 stocks fell, 16 rose and two were unchanged. Turnover was $408.5 million, as S&P/NZX and FTSE Russell indices had their quarterly rebalance.Investors wiped $2.3 billion from A2 Milk’s market capitalisation as they dumped their shares after it slashed full-year revenue guidance by about 20...

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