NZ shares drop as Pushpay weakens further while Skycity gains on earnings
The S&P/NZX50 Index dipped 3.64 points, or 0.04 percent, to 8,872.09. Within the index, 21 stocks fell, 20 rose and nine were unchanged. Turnover was $126.5 million.
"The market has been moving in and out of positive territory today," said Peter McIntyre, investment adviser at Craigs Investment Partners. "Weak trade data in China led the Shanghai index down but the rest of Asia seems to have shrugged that off. We have continued to trade with above-average volume."
Pushpay Holdings led the index lower, down 4.6 percent to $3.53. The stock has dropped 15 percent since Aug. 1, when the company delivered first-quarter revenue within guidance and reshuffled its senior management after another abrupt executive exit.
"Post placement it has been significantly weaker, it just hasn't really gathered any support and has been trading lower on good volume," McIntyre said. "The guidance was within expectations but it maybe has disappointed some participants."
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
