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The Markets

Profit taking pulls NZ shares down

New Zealand shares continue to take a cue from offshore markets and consolidate after a strong month through earnings season.

Thursday, September 9th 2021, 6:46PM

by BusinessDesk

The S&P/NZX 50 Index fell 106 points, or 0.8%, to 13,095.77. Turnover was $199 million.

BNZ interest rate strategist, Jason Wong said US markets were weaker overnight likely due to investors taking a profit “after a blistering run higher and some ongoing caution around the spread of the delta variant”.

NZ markets traded with a similar tone, retracing some of the month’s gain as the glow of earnings season faded and investors faced the reality of delta difficulties.

Retailer Kathmandu – which got a boost when the nationwide lockdown was lifted – today fell 4.1% to $1.42.

Specialist lender Heartland Group fell 3% to $2.28, having climbed 8% in the past month.

ANZ Bank said GDP data next week should show the economy was on a solid trajectory before the lockdown, but with some industries still struggling with the closed border.

Travel-related stocks were weaker today: Air New Zealand shares fell 2.9% to $1.53, Auckland Airport dropped 1% to $7.32, and Tourism Holdings declined 1.3% to $2.37.

This fall may have been triggered by epidemiologist Michael Baker, a technical adviser to the government, telling media the delta outbreak may delay reopening plans by months. 

Prime minister Jacinda Ardern later dismissed these comments, saying the government’s plan to reconnect with the rest of the world hadn’t changed dramatically.

Cancer diagnostics firm Pacific Edge fell 2.1% to $1.42 after it reiterated it was not raising capital, despite providing the ASX with detailed plans for a $72m raise at $1.24 per share.

The Australian exchange said Pacific Edge provided details of the capital raise with its application for a dual listing, which were published in the normal process.

Pacific Edge has so far declined to explain why it included a capital raise in the application when it had not been given board approval.

Mark Lister, head of private wealth research at Craigs Investment Partners, said it was hard to tell if the confusion had pushed the share price lower, or if it was just falling with the market trend.

On the other side of the board, shares in Sanford jumped 4% to $5.20 and Sky TV bounced back 4.9% to 21 cents after dipping yesterday.

The kiwi dollar was largely unfazed by cautious global markets and was trading at 70.90 US cents at 3pm in Wellington, down from 71.11 cents yesterday.

Tags: Market Close

« NZ shares snap 7-day rallyShares down & dollar up as market predicts rate hike »

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Lender Flt 1yr 2yr 3yr
AIA 4.55 2.85 3.25 3.55
ANZ 4.44 3.20 3.59 4.00
ANZ Blueprint to Build 1.68 - - -
ANZ Special - 2.60 2.99 3.40
ASB Back My Build 1.79 - - -
ASB Bank 4.45 2.85 3.25 3.55
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - ▲2.85 ▲3.25 ▲3.55
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 4.55 ▲3.45 ▲3.85 ▲4.15
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.95 - - -
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 Bank - Online 2.25 1.85 2.35 2.65
Heretaunga Building Society 4.99 3.80 3.90 -
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HSBC Premier 4.49 2.19 2.45 2.69
HSBC Premier LVR > 80% - - - -
HSBC Special - 2.25 - -
ICBC 3.69 2.35 2.75 3.05
Kainga Ora 4.43 2.88 3.28 3.59
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.75 ▲3.80 ▲4.00 4.34
Kiwibank - Offset 3.75 - - -
Kiwibank Special 3.75 ▲2.95 ▲3.15 3.49
Liberty 5.69 - - -
Nelson Building Society 4.95 2.99 3.24 -
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The Co-operative Bank - Standard 4.40 ▲3.35 ▲3.75 ▲3.99
TSB Bank 5.34 3.35 3.75 4.05
TSB Special 4.54 2.55 2.95 3.25
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Westpac 4.59 ▲3.45 ▲3.85 4.09
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Median 4.54 2.95 3.25 3.49

Last updated: 23 September 2021 8:11am

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