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Shares fall on last day of upbeat quarter

NZ Newswire logoNZ Newswire 30/06/2017

Sky TV extends slide as NZX 50 falls © Hagen Hopkins/Getty Images Sky TV extends slide as NZX 50 falls New Zealand shares fell on Friday, joining an Asia-wide slide, even as the benchmark index finished its strongest month this year.

Spark New Zealand and Xero lead the decline.

The S&P/NZX 50 Index fell 74.01 points, or 1 per cent, to 7611.44. Within the index, 32 stocks fell, nine rose and nine were unchanged. Turnover was $184 million.

"It's obviously pretty weak across the board because we had global markets that were off the boil quite a bit overnight, just about everywhere in the Asian region is following suit,'' said Mark Lister, head of private wealth research at Craigs Investment Partners.

''It's still not too bad, New Zealand will still finish the week, month and quarter up pretty strongly."

The local benchmark index is up 0.8 per cent this week, 2.6 per cent in the month and 5.8 per cent in the quarter.

"Overall we're holding up pretty well, we're doing much better than Australia and the month of June will make for the best month we've seen this year," Mr Lister said.

"Year-to-date, the NZX is sitting on a gain of 10.79 per cent, which is bloody good.

''That's a reflection of a very strong economy and some good companies that are pretty well positioned."

Spark led the index lower, down 3.6 per cent to $3.78. The telecommunications company held its investor day Friday.

"They've had a few strong days lately so it might be a bit of profit taking," Mr Lister said.

Xero dropped 2.7 per cent to $25.20, while Comvita fell 2.7 per cent to $5.80 and Sky Network Television declined 2.3 per cent to $3.45.

Restaurant Brands New Zealand was the best performer, up 2 per cent to $6.26.

"It's just going from strength to strength, they'll finish the week a good 5 per cent higher."

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