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 heavily 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. Broad-based weakness among heavyweight stocks also pressured the index, 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 announcing it would sell its global consumer and associated businesses to French dairy major Lactalis. Meanwhile, investors globally are now awaiting Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole later today for clues on US rate path. Despite Friday’s retreat, the NZX 50 rose 1.2% for the week, notching its third consecutive weekly advance.