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First full week of 2022 share trading negative

New Zealand shares finished their first full week of trading down approximately 1.5% as US markets got the jitters over the prospect of interest rate hikes as soon as March.

Friday, January 14th 2022, 6:41PM

by BusinessDesk

The S&P/NZX 50 Index fell 36.8 points, or 0.3%, to 12,790.16. Turnover was $102 million.

Ryman Healthcare led the index lower, falling 2.9% to $11.83. It was followed by Serko – which has been under pressure lately ­– down 2.8% at $6.01 and Pushpay Holdings off 2.3% at $1.24.

Tech stocks are being sold off dramatically in the US as investors have realised interest rates are sure to rise in 2022 and have been rotating in value and cyclical companies.

Mike Taylor, chief executive of Pie Funds, said tech valuations will likely continue to struggle as rates rise, cryptocurrency will be volatile, and the Dow Jones may outperform the Nasdaq.

“My view for 2022 is that US tech will struggle with Fed policy and rates normalisation but will present trading opportunities for specific stocks that get thrown out with the bathwater,” he said.

Tourism Holdings recovered 2.5% to $2.85 today as some investors stepped in to ‘buy the dip’ after it dropped almost 10% year-to-date.

Similarly, Sky Network TV bounced back 2.5% to $2.43 after starting the year with a sustained slide.

Michael Hill International reported record Christmas sales today which failed to impress the market and its shares fell 1.3% to $1.51.

Other retailers were also hit, Kathmandu Holdings dropped 1.4% to $1.40 and Briscoe Group was down 2.9% at $6.45.

The Warehouse Group, which this week reported higher costs had outweighed improved Christmas sales, dropped 3% to $3.50.

Equity analysts have said the stocks likely to outperform in 2022 are those that can ward off inflation by raising prices without losing customers.

The local market has its first corporate event of the year next week when Rua Bioscience meets on Wednesday to vote on issuing Rua shares to Zalm Therapeutics as part of an acquisition deal.

Rua had a weak year in 2021, with its share price falling approximately 30%, but it jumped in December after it was given the green light to distribute its first product in NZ.

The stock was up 1% at 47.5 cents today and has gained 21% in the past month.

The kiwi dollar held its gains made this week as investors came to terms with the prospect of rate hikes in the United States.

It was trading at 68.59 US cents up marginally from 68.54 cents yesterday.

OFX said traders would be watching US retail sales data and second-tier macroeconomic data for direction overnight as the rest of the world heads into the weekend.

Tags: Market Close

« Serko bounces from low with inflation data 'not too hot'NZ shares climb in light trading »

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Lender Flt 1yr 2yr 3yr
AIA 5.35 4.49 5.25 5.55
ANZ 5.54 5.15 5.85 6.15
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BNZ - TotalMoney 5.55 - - -
CFML Loans ▲6.45 - - -
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HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.25 4.29 5.09 5.35
Kainga Ora 5.43 4.57 5.58 5.85
Kainga Ora - First Home Buyer Special - 2.25 - -
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Median 5.45 4.55 5.25 5.52

Last updated: 19 May 2022 10:42am

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