New Zealand shares fall in lacklustre trading; Australia closed

By Kitco News / January 25, 2018 / www.kitco.com / Article Link

By Aditya Soni

Jan 26 (Reuters) - New Zealand shares saw broad-based losses on Friday, with healthcare stocks leading the fall, in a thin trading environment with Australian stock markets closed for a holiday.

Six out of seven major sectors traded in the red, with the benchmark S&P/NZX 50 index falling 0.3 percent or 26.5 points to 8343.28 by 2251 GMT, having risen 0.6 percent on Thursday. The benchmark was on track to gain 0.6 percent for the week.

About 1.6 million shares had changed hands, compared with the 30-day average of 25.2 million shares.

"I think Australia being closed is one of the factors behind the drop-off in volume in our market, as obviously there is a relatively high proportion of Australian situations involved and they wouldn't be able to spell in today, presumably" said James Smalley, senior investment adviser at Hamilton Hindin Greene.

"We've also got reporting season coming up, investors are just sitting on the sidelines waiting for news companies or waiting to see how these reports start rolling out and what could happen."

Healthcare stocks accounted for most of the losses, with Ryman Healthcare Ltd declining 1.8 percent, while Fisher & Paykel Healthcare Corp Ltd slipped 0.8 percent.

Consumer staples followed closely, led by dairy firm a2 Milk Company Ltd which fell 1.1 percent and was among the biggest drags on the benchmark.

Industrials stocks also accumulated losses. Auckland International Airport Ltd fell over half a percent, its biggest intraday percentage loss since Jan. 15.


(Reporting by Aditya Soni in Bengaluru; Editing by Sandra Maler)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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