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: Saturday, December 7th, 8:03AM

Investments

rss
The Markets

NZ market still in dour state post SVB fail

The shockwaves from the Silicon Valley Bank collapse are still being felt across markets, with New Zealand’s benchmark index being dragged lower on dour investor sentiment.

Tuesday, March 14th 2023, 6:12PM

by BusinessDesk

The S&P/NZX 50 Index was down by 77 points today, or 0.66%, to 11,595.47. Turnover was $134.7 million.

Craigs Investment Partners investment advisor Peter McIntyre told BusinessDesk that Silicon Valley Bank’s collapse was still being felt across markets and there were some concerns about whether there was going to be a “contagion effect” on some other smaller regional banks.

“If anything falls from the trees over the next day or so, that’s going to roll the market,” he said.

There were 35 gainers and 95 decliners across NZ’s local index today, with technology firm Serko having one of the bigger jumps up the board, rising 4.7% to $2.43.

Healthcare manufacturer Ebos Group turned over the most in value – almost $21m – and edged down 0.5% to $45.16.

TruScreen Group had one of the biggest declines today – on light trading – and fell 11.8% to 3 cents. A share rights offer priced at 3 cents is due to close shortly.

The cervical screening tech company told the market that private medical services provider Dr Sulaiman Al-Habib Medical Group had recently completed the analysis of results from its cervical screening clinical evaluation of TruScreen’s Cytology product. 

It had confirmed TruScreen’s sensitivity screening was 83.3% while its specificity was 95%.

Other stocks that were pinched today were tech companies like ikeGPS Group which fell 4.4% to 88 cents and Rakon which was down 4.5% to 85 cents.

General insurer Tower fell 4% to 59.5 cents while church management software firm Pushpay was up 1.6% to $1.26 on the news that its scheme implementation agreement had been given an extension.

The new date and time have been set for 7pm tomorrow.

Westpac NZ was down 1.5% to $22.80. The bank announced it had increased its financial support for Community Law Centres o Aotearoa (CLCA) to provide more assistance to vulnerable clients. 

ANZ Bank also fell 2.8% to $24.65.

Synlait Milk reduced its forecast base milk price for the 2022-23 season to $8.50 per kilogram of milk solids (kgMS) from $9.00/kgMS.  

Synlait told the NZX this morning that the key drivers of the revised forecast were subdued global economic activity as well as a slower-than-expected recovery of Chinese demand following the pandemic.

Synlait was down 3.1% to $3.13 by the end of the day and A2 Milk fell 1.8% to $6.95. Fonterra Shareholders' Fund Units edged up 0.7% to $3.02.

Today, the NZ dollar was trading at 62.15 US cents at 3pm in Wellington, jumping up from 61.50 cents at the same time yesterday.

Tags: Market Close

« NZ market rallies on US banking assurancesNZ market bouncing around as investors remain wary »

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
  • Advisors must take note of supervisor guidelines on AML/CFT
    “When I read this, the following memory plucked a note. Venue was a US financial planning conference maybe 30 years ago. Speaker...”
    1 day ago by Murray Weatherston
  • Partners kills its matrix
    “@Backstage, thanks. I agree there is no relationship to CoFI, though, from a service perspective, I have two other providers...”
    4 days ago by JPHale
  • Partners kills its matrix
    “Partners Life has decided to stop using its COM for advisers as it believes the system may breach the CoFI regulations which...”
    4 days ago by Amused
  • Partners kills its matrix
    “Insurance companies should stick to their lane. They are not advisers and even those that employ advisers should not be crossing...”
    4 days ago by Tash
  • [GRTV] The nitty gritty of Smart’s ETFs
    “Advisors should consider all gateways into investment markets including cheaply priced ETFs to provide access to low priced...”
    5 days ago by Pragmatic
Subscribe Now

AM Update - Your morning business news update

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 4.94 - - -
AIA - Go Home Loans 7.49 ▼5.79 ▼5.49 ▼5.59
ANZ 7.39 6.39 6.19 6.19
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.79 5.59 5.59
ASB Bank 7.39 ▼5.79 ▼5.49 ▼5.59
ASB Better Homes Top Up - - - 1.00
Avanti Finance ▼7.90 - - -
Basecorp Finance ▼8.35 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.54 - - -
BNZ - Rapid Repay 7.54 - - -
BNZ - Std 7.44 ▼5.79 ▼5.59 5.69
BNZ - TotalMoney 7.54 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.69 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 6.95 5.79 5.59 5.69
Co-operative Bank - Standard 6.95 6.29 6.09 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - ▼5.99 ▼5.89 -
First Credit Union Standard ▼7.69 ▼6.69 ▼6.39 -
Heartland Bank - Online 6.99 ▼5.49 ▼5.39 ▼5.45
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.60 6.65 6.40 -
ICBC 7.49 ▼5.79 ▼5.59 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.25 6.89 6.59 6.49
Kiwibank - Offset 7.25 - - -
Kiwibank Special 7.25 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 7.94 ▼5.75 ▼5.99 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.49 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 4.94 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.19 6.49 ▼6.39 ▼6.39
TSB Special ▲8.64 ▲6.74 ▲6.49 ▲6.39
Unity 7.64 ▼5.79 ▼5.55 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society ▼7.70 ▼5.95 ▼5.75 -
Westpac 7.39 6.39 6.09 6.19
Westpac Choices Everyday 7.49 - - -
Westpac Offset 7.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 5.79 5.49 5.59
Median 7.54 5.99 5.89 5.69

Last updated: 6 December 2024 9:11am

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