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Market Report 11.9.19

The recent climb to above 11,000 on the NZX50 index was rapid by any terms – the fall off the peak has been even faster. After two weak sessions the market slid 1.95% today.  Translated into points loss it was 217.70, dropping the index under 11,000 and to 10,924.85. No blame could be attached to tweet-mad Wall Str – the Dow Jones closed last night up a neat 73.92 at 26,909.43. What then could cause a peeling away from the ascent?  Flagship exporter Fonterra is sorting out some structural issues. But several major stocks went backwards today. Z Energy fell 29c to $6.30 and investors also cropped gains from energy stocks – Contact down 32c ore 3.65% to $8.45, Genesis of 8c at $3.53, Mercury down 21c or 3.4% to $5. AS the Rugby World Cup nears uncertainty around digital delivery dogged Spark NZ, its shares falling 22.5c to $4.42, -4.84%. Auckland Airport fell 21c to $9.24 and Air NZ shed a further 6c at $2.70. F&P Healthcare slid 45c trio $16.90, Mainfreight 23c to $39.85, Port of Tauranga 15c at $6.38, Restaurant Brands 23c to $10,35, Vista 15c to $4.01, Ryman 13c at $13.17.   Gaining ground was Synlait, up 19c to $9.64 ahead of tomorrow’s annual results. Cannasouth churned 14c up to 68c, a swing of 26% after coming off a high yesterday.


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