New Zealand’s benchmark S&P/NZX 50 index fell 1.15% to close at 13,043 on Friday, snapping a two-day rally, as heavy losses in SkyCity Entertainment weighed on the market. The casino operator’s shares plunged 29% after resuming trade from a two-day halt, following Thursday’s report of a steep drop in its full-year underlying earnings. Selling pressure extended across heavyweight stocks, with notable declines in Fisher & Paykel (-2.1%), Auckland Intl Airport (-1.9%), Infratil (-1.2%), Mercury NZ (-2.1%), Contact Energy (-1.0%), and Spark NZ (-0.6%). Conversely, shares of Fonterra surged 19.5% after the country’s biggest dairy firm announced the sale of its global consumer and related businesses to French giant Lactalis. Meanwhile, investors globally are now awaiting Federal Reserve Chair Jerome Powell’s speech at Jackson Hole later today for clues on potential US rate cuts this year. Despite Friday’s retreat, the NZX 50 rose 1.2% for the week, notching its third straight weekly advance.
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