NZ shares down as A2 Milk sheds $600m

Thu, 26 Aug 2021

Market darling turned troublemaker A2 Milk led the New Zealand share market lower as investors trimmed another $600 million from the dairy brand’s market capitalisation after its result.The S&P/NZX 50 Index fell 152.99 points, or 1.1%, to 13,051.62.16. Turnover was $302m.Infant formula exporter A2 Milk today reported steep declines in annual revenue and profit, while warning it didn’t see a recovery in the immediate future.Shares in the company dropped 11.3% to $6.34 as investors reacted to the 30% revenue decline, which put rev...

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