You are using an older browser version. Please use a supported version for the best MSN experience.

NZ stocks fall on profit taking

NZ Newswire logoNZ Newswire 12/05/2017 Rebecca Howard

NZX signage  in Wellington.  (File photo) © Hagen Hopkins/Getty Images NZX signage in Wellington. (File photo) New Zealand stocks fell on Friday as some investors opted to take profits on a few stocks like A2 Milk and as sentiment was weighed on by a slide in global markets.

However, both Xero and Z Energy continued to push higher after positive results on Friday.

The S&P/NZX 50 Index lost 37 points or 0.5 per cent to 7452.38. Within the index, 26 stocks fell, five were unchanged and 19 rose. Turnover was $131 million.

"The market overall is weaker here and in Australia, following offshore leads," said Suzanne Kinnaird, an investment adviser for Forsyth Barr.

US stocks fell overnight after several large department stores reported worse-than-expected sales drops.

A2 Milk led the index lower, shedding 6.8 per cent to $3.54, largely on some profit taking.

"It's had such a strong run of late," said Ms Kinnaird.

The stock is up more than 60 per cent so far this year as investors are cheered about its prospects in China.

Fisher & Paykel Healthcare shed 2.5 per cent to $10.25, also likely on some profit taking as the exporter has gained on the weaker NZ dollar, she said.

Fletcher Building lost 2.9 per cent to $8.33. Sentiment may have been weighed by data that shows the housing market may be coming off the boil in Auckland.

Vital Healthcare ended down 2 per cent at $2.23, also possibly on some profit-taking after the stock got a solid lift on news it entered a conditional agreement with Acurity Health Group to become its long-term real estate capital partner.

In the other direction, Xero added 0.9 per cent to $23.20 as investors remained upbeat.

Z Energy, which said Thursday it had more than tripled its annual profit after acquiring Chevron New Zealand's Caltex and Challenge! brands, also continued to benefit, adding 0.1 per cent to $7.90.

Warehouse Group added 2.4 per cent to $2.17. Earlier Friday it posted a slower rate of sales growth in the third quarter as it made changes to its business.

image beaconimage beaconimage beacon