Market close: NZ shares end positive week on a slide

A strong day for leader Fisher and Paykel Healthcare, benefitting from a slightly weaker Kiwi dollar, kept the New Zealand sharemarket in a reasonable frame of mind.

The S&P/NZX 50 Index a lunchtime awakening, climbing to an intraday high of 13,176.63, but otherwise traded flatly, finishing down 32.73 points or 0.25 per cent at 13,093.24. The index ended the week with a gain of nearly half a per cent.

There were 63 gainers and 77 decliners over the whole market on a volume of 45.7 million share transactions worth $154.65 million.

Shane Solly, portfolio manager with Harbour Asset Management, said the local market has under-performed its peers during the year. It is trying to get itself off the mat and be more constructive on positive results.

“We’ve seen a ripper of a reporting season in the United States but there are counter-veiling factors such as inflation driving bond yields higher and the Chinese economy is slowing,” he said.

“We’ve got another busy week coming up with annual meetings and this will give investors a further guide to earnings. Auckland International Airport gave some glimmer of hope at its meeting (on Thursday) with the re-opening of the Victoria and New South Wales borders.”

Solly said the latest road map, or traffic lights system, will be helpful because they will be able to plan for a re-opening.

Meeting virtually this week are Chorus, Skellerup Holdings, Air New Zealand, Freightways, Heartland, Genesis Energy, Port of Tauranga and SkyCity Entertainment.

The NZ dollar was trading at US71.63c against the American greenback at 5.45pm NZ time, after reaching 71.73c during the day. Market leader Fisher and Paykel Healthcare rose 55c or 1.82 per cent to $30.85 on trade worth.

Auckland International Airport was up 21.5c or 2.74 per cent to $8.07; while a2 Milk continued its rocky ride, falling 30c or 4.01 per cent to $7.18.

PGG Wrightson rose17c or 4.07 per cent to $4.35; Delegat Group increased 34c or 2.4 per cent to $14.50; Briscoe Group gained 20c or 2.86 per cent to $7.20; and Pacific Edge, with its capital raising out of the way, was up 3c or 2.08 per cent to $1.47.

Scott Technology was up 5c to $3.13; Rakon was up 3c to $1;96; Foley Wines rose 6c or 3.7 per cent to $1.68; Accordant Group collected 4c or 2.09 per cent to $1.95; Wellington Drive Technologies increased 0.005c or 2.7 per cent to 19c; and TruScreen Group was up 0.003c or 3.53 per cent to 8.8c.

Transport technology firm EROAD recovered 15c or 2.94 per cent to $5.25 after announcing it is showcasing its new dashcam at the American Trucking Association’s trade show this weekend. The Clarity Solo dashcam is a cost-effective video solution for promoting driver safety and protection from false claims.

Port of Tauranga fell 14c or 2.06 per cent to $6.64, its lowest level since late April last year. Ebos Group was down 57c to $35.27; Contact Energy declined 8c to $8.11; and Genesis Energy shed 5c to $3.235.

Summerset Group Holdings was down 24c to $14.66; Fletcher Building declined 10c to $7.13; Serko decreased 17c or 2.11 per cent to $7.88; SkyCity Entertainment lost 7c or 2.18 per cent to $3.14; and Smartpay Holdings was down 4c or 4.49 per cent to 85c.

Property companies Stride fell 8c or 3.36 per cent to $2.30; Investore was down 3c to $1.86; Property for Industry declined 4c to $2.91; and Argosy slipped 2c to $1.57.

ANZ Banking Group was down 11c to $29.45 after telling the market its second half statutory and cash profit will be impacted by $129m remediation and restructuring charges. Westpac Banking Corporation declined 22c to $26.78.

Tourism Holdings declined 9c or 3.35 per cent to $2.60 after confirming at its annual meeting that it expects an after-tax loss in the 2022 financial year, with business operating at 40 per cent in Australia and 20 per cent in New Zealand in the first quarter because of Covid lockdowns. Tourism Holdings will provide a further update in December.

New Zealand Rural Land Company increased 2c or 1.82 per cent to $1.12 after buying six dairy farms in Maniototo, Central Otago, for $61.4m and has made leasing arrangements for a gross return of 5 per cent a year. NZ Rural Land has an $88.5m revolving credit facility with Rabobank.

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