MARKET WRAP: NZ shares fall as US-NK summit kicks off
New Zealand shares fell slightly today, as investors and the world watched the unprecedented meeting between North Korean and American leaders unfold in Singapore.
The NZX50 index rose one point to 8,958.81 on turnover of $137 million.
“Today’s one of those quiet days. Perhaps some of the investors were a little bit distracted with what’s going on in Singapore with Donald Trump and Kim Jong Un having their historic there,” says Hamilton Hindin Green investment adviser Grant Davies.
President Trump today says he expects a “signing” to come out of his meeting with the North Korean leader.
“I suppose the market will be cautiously optimistic and we’ll wait to see what happens in terms of action,” Mr Davies says.
A2 Milk tumbled 7c to $11.78 while its supplier Synlait Milk fell 11c to $10.78.
Vodafone New Zealand's longstanding chief executive, Russell Stanners, today confirmed his departure and October replacement in Spark alumnus Jason Paris.
Vodafone is not an NZX listed company but Mr Davies says the departure led gains for Spark and Sky TV. Spark rose 2c to $3.74 while Sky TV jumped 7c to $2.47.
Ryman Healthcare was down 20c to $12.05 while Orion Health fell 1c, or 1.23%, to 80c.
Telstra fell 10c to $3. Eroad jumped 11c to $3.60.
Over on the ASX, Xero was up $A1.05 to $A45 as of 5pm NZST.
Mr Davies says “big macro events” with announcements from the European Central Bank, US Federal Reserve and Bank of Japan across Thursday and Friday will drive investments this week.
“We’ve just been through a period of micro events with the reporting season of May and most of the companies reported in that period had pretty good results, so now we’re taking a step back and taking a look at that bigger picture.”