New Zealand shares fell for a fourth day as the threat of a slowing property market was seen weighing on retirement sector stocks such as Summerset Group and Metlifecare.
The S&P/NZX 50 Index declined 49.97 points, or 0.5 percent, to 9,807.08. Within the index, 29 stocks fell, 15 rose, and six were unchanged. Turnover was $118.67 million.
Summerset led the market lower for a second day, down 4.9 percent at $5.77 on a bigger volume than usual of 790,000 shares. The retirement village operator and developer reported weaker unit sales last week, citing slowing property markets in Auckland and Christchurch for the decline.
Metlfecare fell 3.7 percent to $4.73, Ryman Healthcare decreased 0.5 percent to $12 and Arvida Group was down 0.8 percent at $1.30.
Craigs Investment Partners today recommended its clients sell Summerset, expressing a cautious view of the housing market to offset the sector’s structural drivers such as an ageing population.
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