Global equities sell-off spills into NZ

NEW Zealand stocks have joined a global sell-off amid concerns high-growth companies may struggle to convert sales into profits.

Led lower by biotech firm Pacific Edge and software developer Xero, the NZX 50 Index fell 24.058 points, or 0.5 per cent, to 5091.431 on Friday.

Within the index, 28 stocks fell, 11 rose and 11 were unchanged. Turnover was $101.8 million.

Equities across Asia followed Wall Street lower, after the biggest daily decline on the tech-heavy Nasdaq Composite Index since November 2011.

Pacific Edge was the biggest decliner on the local market, closing 9.8 per cent loweer at $1.10 after an intraday decline of 15 per cent to $1.04.

Xero fell 5.3 per cent to $31.35, while milk marketer A2 Milk slipped 3.5 per cent to 84 cents.

"Dragging the index lower today are Pacific Edge, Xero, A2 Milk - so all the companies that don't make any money," said Bryon Burke, head of equities at Craigs Investment Partners.

"Stocks that have moved higher today are high yield stocks, so New Zealand is reflecting what's happening in the rest of the world."

Fletcher Building, New Zealand's largest listed company, rose 0.6 per cent to $9.70 and Sky Network Television advanced 0.5 per cent to $6.48.

Friday was the last day investors could buy Genesis Energy shares before the government lists 49 per cent of the state-owned energy provider and retailer on April 17.

Mighty River Power rose 0.2 per cent to $2.16, Meridian Energy advanced 0.4 per cent to $1.15 and Contact Energy slipped 0.4 per cent to $5.31.

Shares in Chorus fell two per cent to $1.73 after it sought leave to appeal a High Court judgment upholding the Commerce Commission's determination setting the regulated prices on the telecommunications network operator's copper lines.

The company also suspended its dividend reinvestment plan.

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