by BusinessDesk
The S&P/NZX 50 Index fell 66.26 points, or 0.5%, to 12,681.81. Turnover was $255 million.
Fisher & Paykel Healthcare led the market lower for a second day, as the index’s biggest stock fell another 2.8% to $30.90.
The stock has fallen more than 6% this week but is still trading in its normal range, albeit near a one month low.
Head of research at Fat Prophets, Greg Smith, said it was hard to pick a trend with a big news week approaching next week.
“The market is braced for interest multiple rate hikes from next week, so there are definitely some nerves there,” he told BusinessDesk.
Earnings results will also start flowing in from a number of listed companies, although Smith said investors will be mostly interested in the commentary about future earnings.
“There will be a lot of interest in outlook statements, but not so much in the other parts,” he said.
Travel stocks saw little reaction to the government’s plan to cautiously reopen the borders throughout 2022, which will allow quarantine-free travel for vaccinated people from low-risk countries.
People travelling from medium risk countries may be permitted to self-isolate at home, or have a shorter stay in a managed isolation facility.
Shares in Auckland Airport rose 1% to $7.23 and Tourism Holdings climbed 0.4% to $2.40, but Air New Zealand fell 0.7% to $1.47.
Smith said while these companies would welcome progress on border reopening, it effectively pushes the timeline back from most scenarios they had imagined.
“Reopening has been pushed well into 2022, as the delta variant has turned timelines on their heads,” he said.
Shares in AMP jumped 5.4% to $1.18 after the financial services company reported a first half underlying net profit of A$181 million up from A$115m last year.
Statutory net profit was less impressive at A$146m down from A$203m last year, but it excludes earnings from AMP Life which has been sold.
Vista Group International continued to bounce around, today posting its biggest recent gain up 4.4% at $2.39.
The kiwi dollar was trading at 70.34 US cents by 3pm in Wellington, up from 70.06 cents yesterday.
The trade-weighted index was at 74.78 at 3pm, from 74.58 yesterday. The kiwi traded at 95.50 Australian cents from 9541 cents, 77.62 yen from 77.51 yen, 59.92 euro cents from 59.78 cents, 50.71 British pence from 50.67 pence, and 4.5549 Chinese yuan from 4.5412 yuan.
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