WELLINGTON: New Zealand stocks fell, weighed by ongoing worries about Comvita, weaker sentiment across the Tasman as banking stocks took a tumble, as well as some profit taking in blue-chips like Fletcher Building and Ebos Group.
The S&P/NZX 50 index fell 14 points, or 0.2 percent, to 7,412.12 Within the index, 23 stocks fell, seven were unchanged and 20 rose. Turnover was $134 million. Australia’s S&P/ASX 200 index was down 0.6 percent in late trading.
Comvita led the market lower, falling 3.6 percent to $6.10, extending its decline after the discovery of the myrtle rust fungal plant in the Far North.
“It’s not hard to see why Comvita is down as markets don’t like uncertainty,” said Hamilton Hindin Greene broker James Smalley. While commentary out of Australia would indicate that fungal plant has had little impact, investors are jittery about what will happen in New Zealand where conditions may be different, said Smalley. “Investors will be watching the headlines for the impact over the next few weeks and months to see if it will have an impact,” he said.
