New Zealand shares fell on Monday as Sky Network Television sank to a record low having halved its interim dividend and cut prices last month in the face of increased competition.
Source: 1 NEWS
Air New Zealand and Fisher & Paykel Healthcare gained.
The S/NZX 50 Index fell 8.59 points, or 0.1 per cent, to 8279.83. Within the index, 21 stocks fell, 19 rose and 10 were unchanged. Turnover was $93 million.
Sky TV fell 4.6 per cent to $2.30, the lowest close since it merged with Independent Newspapers in 2005.
Last month the pay-TV operator cut its interim dividend to 7.5 cents per share, half the 15 cents it paid a year earlier.
The Auckland-based company, which has been contending with the rise of online alternatives such as Netflix and Spark New Zealand's Lightbox, lost 37,359 customers in the six months ended December 31.
"Sky still has some very good rights to sports, which is probably its saving grace," said Grant Williamson, a director at brokerage Hamilton Hindin Greene.
"But the market has fallen out of love with Sky TV."