by BusinessDesk
ShareTrader NZ Special bonus:
Fund your account with a cumulative net deposit min. NZ$2,000 within 7 days of the first deposit to get extra US$30 TSLA shares*
*Flat fees will be waived, and pass-through fees and T&Cs apply.
_______________________________________________________________________________________________________________
The S&P/NZX 50 Index lacked real direction, bouncing up and down all day and finally closed at 11,649.2 – up 10.52 points or 0.09%. The index reached an intraday low of 11,611.04.
There were 55 gainers and 70 decliners over the whole market on volumes of 26.15 million share transactions worth $96.17m.
Matt Goodson, managing director of Salt Funds Management, said the market was mixed on very little corporate news. Some names were up or down for no rhyme or reason.
“The market needs to get the general election out of the way or see signs of a bottom in the economy, and it would love a lower-than-expected inflation outcome,” Goodson said.
United States markets were weaker, with the S&P 500 declining 0.45% to 4328.82 points and the Nasdaq Composite down 1.16% to 13,335.78, while the Dow Jones Industrial Average was flat on 33,714.71.
The high-flying Nasdaq has fallen 3.38% over the past three trading days, led down by Tesla, Apple and Alphabet Group (Google). In the last trading session, Tesla declined 6.06% to US$241.05 (NZ$389.98).
At home, the dual-listed banking stock Westpac was up 57c, or 2.56%, to $22.87 on a slightly weaker NZ dollar against the Australian.
Ebos Group recovered 46c to $35.95; Fisher and Paykel Healthcare was up 28c to $23.76; Meridian Energy gained 9c to $5.40; and Tourism Holdings increased 9c, or 2.43%, to $3.17.
Comvita declined 5c or 1.79%, to $2.75, after telling the market it had record sales in the 618 (June 1-18) e-commerce shopping festival in China. Sales improved more than 12% compared with last year and its mÄnuka honey brands were number one on Tmall, Tmall Global and Tmall Supermarket and also No 1 in JD, Hema and TikTok.
Kiwifruit grower Seeka collected 17c, or 7.39%, to $2.47; Manawa Energy was up 8c to $4.79; Pacific Edge recouped 1.2c, or 15.58%, to 8.9c; and ikeGPS improved 3c, or 4.05%, to 77c.
Ventia Services increased 7c, or 2.24%, to $3.20 following the announcement of securing a large Australian Defence Department maintenance contract.
Mainfreight declined 85c to $71.10 after commenting in its annual report that trading in the first six months of the 2024 financial year will be challenging, with weakness in volumes and activity. Chairman Bruce Plested warned of a “difficult and weak” macroeconomic environment over the next few years.
The retirement village operators were softer, with Summerset Group down 10c to $9.35, Ryman Healthcare declining 5c to $6.48, and Arvida Group decreasing 2c, or 1.67%, to $1.18.
Goodson said there is an increasing view or hope that the housing market is starting to find a bottom, but sales volume is still low.
In its latest report, ANZ Research said based on the latest data the housing market is indeed tightening with house prices on the cusp of lifting. Prices in Auckland rose 0.2% in May.
“We are anticipating only a very mild pickup in house prices in the second half of the year, but currently the risks are looking tilted towards this being too conservative. Mortgage rates are higher, but household incomes are looking resilient and net migration, while easing, is still startling,” ANZ said.
Infratil was down 10.5c to $9.73; a2 Milk shed 11c, or 2.06%, to $5.24; AFT Pharmaceuticals declined 10c, or 2.74%, to $3.55; and Vista Group decreased 3c to $1.68.
Green Cross Health declined 3c, or 2.24%, to $1.31; Smartpay Holdings was down 3.5c, or 2.03%, to $1.685; Colonial Motor Company shed 34c, or 3.74%, to $8.75; and Carbon Fund fell a further 11c, or 8.46%, to $1.19.
| « NZ sharemarket dips as global uncertainty intensifies | NZ sharemarket follows international leads » |
Special Offers
No comments yet
Sign In to add your comment
© Copyright 1997-2024 Tarawera Publishing Ltd. All Rights Reserved