By Suze Metherell
New Zealand stocks extended Friday's decline as global uncertainty weighed on the market, and investors wait for the local earnings season to kick off to justify high valuations.
The NZX 50 Index fell 19.246 points, or 0.4 percent, to 5090.685, the lowest level since mid-April. Within the index, 24 stocks fell, 14 rose and 12 were unchanged. Turnover was $107.4 million.
Investors are holding off from buying shares for "a number of reasons globally, and locally the elections are a good reason to wait because it is one extra uncertainty," said Byron Burke, head of equities at Craigs Investment Partners.
"The upward trend of this year hasn't been reversed yet - the index is at the bottom of its range and I think earnings season is going to give us that direction."
Summerset led the NZX 50 lower, dropping 3.9 percent to an 11-month low $2.99. The retirement village operator is due to report relatively flat first-half earnings next Tuesday, according to an earnings preview by Forsyth Barr.
SkyCity declined 1.9 percent to $3.69. The casino operator reports annual earnings next Wednesday, which are expected to be lower.
Trade Me Group fell 1.7 percent to $3.41 as investors bets its earnings are under pressure.
Kathmandu Holdings extended its gains, advancing 1.5 percent to $3.42 after last week saying a cold snap has boosted sales.
Fletcher Building, New Zealand's largest listed company, fell 1 percent to a month-low $8.82.
Auckland International Airport slipped 0.4 percent to $3.77. Telecom Corp, which is due to rebrand as 'Spark' on Friday, rose 1.2 percent to $2.87.
source: newshub archive