by BusinessDesk
The S&P/NZX 50 index fell 66.5 points, or 0.6%, to 11,967.72. Across the main board, 82 stocks fell and 51 rose. Turnover was $154 million.
Craigs Investment Partners’ Peter McIntyre said the NZX 50 had risen 4.9% in January so far – making it the strongest monthly gain NZ’s market had seen since August 2021.
Central banks are in the spotlight this week as monetary policy decisions come out from the US Federal Reserve, European Central Bank, and Bank of England.
“The market has made up its mind that a 25 basis point hike is a go in the States,” he said.
Markets will also be keeping an eye out for fresh new economic data out of the US, China, and Europe, he added.
Shares in Task Group leapt almost 15% earlier today after the firm – formerly known as Plexure – said it had generated positive cash flow in the December quarter and was still on track to hit its upgraded earnings guidance.
The hospitality service firm ended the day up 11.4% to 39 cents.
Carpet manufacturer Bremworth also had a good day and rose 13% to 52 cents. Agribusiness Scales Corp was up 3.7% to $4.24.
Savor Group shares went in the other direction today, falling 8.3% to 44 cents. The share drop followed the restaurant and bar owner announcing it wants to raise $3.25m to repay its short-term debt to get ahead of rising interest rates.
Savor said five shares would be offered for every 44 shares held by existing shareholders on Feb 10.
Travel booking and expense management company Serko had an excellent week on the index last week with its share price increasing by 23.2%.
In a report equity research firm Forsyth Barr released today, analysts Andy Bowley and Mark Robertson said corporate travel recovery was in “full swing”.
“We now expect Serko to comfortably exceed its pre-covid level of travel booking transactions in FY23, with Australasian business travel appearing to have recovered in full,” they said.
“Most promisingly, Serko’s customer base appears to not be dissuaded by current high fares and displays a willingness to spend more on corporate travel.”
Ryman Healthcare edged up 0.6% to $6.89, while Radius Residential Care had one of the bigger falls on the market today – down 6.5% to 29 cents.
Other decliners today were Skellerup, which fell 4.8% to $5.33, and Eroad, down 4% to 95 cents.
Today, the NZ dollar was at 64.68 US cents by 3pm in Wellington, up from 65.00 US cents at the same time yesterday.
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