Shares tumble as Synlait pulls guidance

Thu, 04 Mar 2021

New Zealand shares took a dive as milk processor Synlait pulled its earnings guidance and interest rates moved higher.The S&P/NZX 50 Index fell 134.76 points, or 1.1 percent, to 12,224.5. Within the index, 29 stocks fell, 15 rose and six were unchanged. Turnover was $178 million.Synlait had already forecast its annual net profit would be approximately half the 2020 financial year result, today it said it will not even hit that target. Ongoing uncertainty from the company’s cornerstone shareholder and strategic partner, A2 Milk, o...

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