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New Zealand stocks falls as strong local currency pulled down exporters

New Zealand stocks falls as strong local currency pulled down exporters

New Zealand stocks closed marginally lower Friday as the strength of the local currency, particularly against the Australian dollar, tugged down export and dual-listed shares.
The benchmark NZX-50 index fell 14 points or 0.4 percent to 4,120.86 in modest trade.
"The major talking point is probably the currency," Waddell Johnston McCarthy director Ian Waddell said."That certainly has a big impact on businesses and investing in Australia, and New Zealand has lots of investing in Australia."
Waddell said there was nothing in world market trends to suggest the New Zealand market would weaken considerably next week.
Home appliance maker Fisher & Paykel Appliances, for which Australia is a key export market, fell 1.9 percent to NZ$3.60. The stock has fallen from NZ$3.92 since the start of the week as the high New Zealand dollar affected its earnings outlook.
Other exporters hit by the currency moves included medical device manufacturer Fisher & Paykel Healthcare, down 0.2 percent at NZ$4.25, and rural services company PGG Wrightson, which dropped 1.8 percent to NZ$1.60.
Bellwether Telecom Corp., which is also listed in Australia, lost 0.2 percent to end at NZ$5.11, but analysts expect it to remain well supported ahead of its first-half result next week.


Updated : 2021-05-07 18:51 GMT+08:00