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Kiwi stocks down amid regional slide

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New Zealand shares dropped, following regional markets lower, with Xero and Summerset Group Holdings declining while Air New Zealand and Mainfreight gained.

The S&P/NZX 50 Index fell 16.78 points, or 0.2 per cent, to 7,107.45. Within the index, 24 stocks fell, 15 rose and 11 were unchanged. Turnover was $136.3 million (£111.13 million).

Asian markets followed Wall Street’s drop overnight after the US earnings season began with disappointing results.

In afternoon trading, Hong Kong’s Hang Seng was down 1.1 per cent, Japan’s Nikkei 225 had dropped 0.9 per cent and Australia’s S&P/ASX 200 fell 0.4 per cent.

Peter McIntyre, investment adviser at Craigs Investment Partners said, “The whole of Asia’s trading lower on what was probably a weak start to earnings season in the States which has made markets a little bit nervous today right across Asia, and we’re one of those”.

Paul

The author Paul