Shares in Fonterra, the world’s largest dairy trader, sank to a two-month low on Friday, taking some of the wind out of the New Zealand stock market after its benchmark index rallied to a record close on Thursday.
The farmer-owned company was down 2.7 per cent at NZ$6.08 a share, its lowest point since the start of August. Fellow milk producers Synlait Milk and a2 Milk were likewise down 2.3 per cent and 1.7 per cent respectively, paring back gains after hitting their best-ever prices this week.
The moves dragged on the benchmark S&P/NZX 50, but the index was still up 0.1 per cent on Friday, testing new ground after rallying to a record close on Thursday.
James Smalley is an investment advisor at Hamilton Hindin Greene in Christchurch. He said investors in a2 and Synlait were profit-taking, following recent rallies, and de-risking from pending political uncertainty – final election results will be announced on Saturday, providing more clarity on which parties will form the next government.
Fonterra’s share price decline reflected an ex-dividend payment made on Friday, meaning the stock was “technically up”, Mr Smalley said.
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