NZX 50 stumbles as Ebos Group continues tough fortnight
The benchmark S&P/NZX 50 lost 0.21% to 13,253.73 points on Tuesday, with 38.3 million shares worth $128.5m changing hands.
After nearly reaching $43 last month, Ebos Group continued the losses that began when it reported earnings in late August, falling 2.22% to $29.97.
Senior research analyst at Craigs Investment Partners, Mohandeep Singh, said he was surprised by the stock's tumble over recent weeks, suggesting Ebos may have been a victim of its own success.
"This is a business that has, very few times in recent memory, surprised the market to the downside. It is a perennial meeter and beater of expectations.
"Maybe the market was pricing in some strong growth forever, because it's always seemed to have delivered it. And now there's a bit of a resetting of expectations."
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