tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, January 15th, 5:57PM

Investments

rss
The Markets

F&P Healthcare rally pushes shares higher

Fisher & Paykel Healthcare led the market higher as it recovered from a heavy bout of profit-taking after its annual result on Wednesday.

Friday, November 27th 2020, 7:02PM

by BusinessDesk

The S&P/NZX 50 Index rose 37.81 points, or 0.3 percent, to 12,639.83. Within the index, 29 stocks fell, 16 rose and five were unchanged. Turnover was $137.9 million, a lighter volume due to the Thanksgiving holiday in the United States.

Portfolio manager at Milford Asset Management Sam Trethewey said the medical device manufacturer was bouncing back after investors cashed in capital gains following its record half-year earnings.

“Fisher & Paykel has been huge contributor to the market this year, and has become a big part of portfolios off the back of that. So, to see some profit taking after it reported its result was no surprise,” he said.

Shares in the company rose 4.5 percent to $33.95, although some shareholders are still questioning whether it will still be worth such a hefty price once the pandemic is under control.

Profit-taking was a key theme in other corners of the market. Kathmandu posted the day’s biggest decline as it unwound some gains following its first-quarter update this week. The retailer's shares fell 2.3 percent to $1.30.

Z Energy declined 1.8 percent to $3.22, Fletcher Building slipped 1.4 percent to $5.73 and Auckland International Airport was down 1.9 percent at $7.655.

Meanwhile, Air New Zealand continued to rise, climbing 2.8 percent to $1.86 after it was awarded four months of additional cargo flights under the government’s International Air Freight Capacity scheme.

Air NZ began with 23 cargo flights in the first phase of the scheme and will now run 55 flights weekly under the second phase, with potential for further increases.

Argosy Property climbed 2.7 percent to $1.50 as investors welcomed the news it had upgraded its dividend.

“Any company that increases its dividend, that is a sign of confidence from the board and management in the business and is always very well received,” said Trethewey.

Goodman Property Trust rose 1.1 percent to $2.41 as the only other property stock to climb. Others were weaker, including Stride Property which declined 2.2 percent to $2.22.

Genesis Energy made headlines with the news it was considering selling its 46 percent stake in the Kupe gas field, but market reaction was muted. The stock rose 0.6 percent to $3.285.

Trethewey said it was not unsurprising for investors as other partners in the joint venture are exploring for more wells, while Genesis wants to get capital out of the business.

“You are more likely to see a bigger reaction when they have actually sold the stake,” he said. “Investors would watch closely what they chose to do with that capital”.

Scales Corporation rose 0.4 percent to $4.84, likely buoyed by the news that up to 2,000 Pacific Island workers are to be allowed into NZ from January to help address a shortage of pickers.

The kiwi dollar pushed to a new two-year high, trading at 70.13 US cents at 5pm in Wellington, slightly above 70 cents yesterday.

The trade-weighted index was at 73.94 at 5pm, from 73.81 yesterday. The kiwi traded at 95.16 Australian cents from 95.03 cents, 72.89 yen from 73.01 yen, 58.81 euro cents from 58.70 cents, 52.45 British pence from 52.26 pence, and 4.6135 Chinese yuan from 4.5918 yuan.

Tags: Market Close

« NZX50 runs out of puff as Kiwi marches higherF&P Healthcare gives NZX 50 an end of month surge »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

AM Update - Your morning business news update

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.09 3.25 3.39
ANZ Special - 2.49 2.69 2.79
ASB Bank 4.45 2.49 2.59 2.65
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - 2.49 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.09 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.45 2.45 2.65
Kainga Ora 4.43 2.93 3.07 3.24
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.30 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.65 2.65
Liberty 5.69 - - -
Nelson Building Society 4.95 ▼3.20 ▼3.24 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
Lender Flt 1yr 2yr 3yr
SBS Bank 4.54 2.99 3.09 3.15
SBS Bank Special - 2.49 2.59 2.65
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - - - -
The Co-operative Bank - Owner Occ 4.40 2.49 2.69 2.79
The Co-operative Bank - Standard 4.40 2.99 3.19 3.29
TSB Bank 5.34 3.29 3.29 3.59
TSB Special 4.54 2.49 2.49 2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - ▼2.29 2.69 2.79
Median 4.54 2.95 2.99 2.97

Last updated: 14 January 2021 11:22am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com