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The Markets

Sharemarket ends flat after rocky start

The New Zealand sharemarket opened the week in a lacklustre mood following the Easter break, with Summerset Group acknowledging the tough trading in the retirement village sector.

Tuesday, April 11th 2023, 6:36PM

by BusinessDesk

The S&P/NZX 50 Index had a rocky session, falling in the morning and recovering in the afternoon to finish flat at 11,873.58, up 3.5 points or 0.03%. The index traded within a range of 11,835.84 and 11,905.62 points.

There were 86 gainers and 48 decliners over the whole market, with 24.41 million shares worth $92.62m changing hands.

Jeremy Sullivan, an investment advisor with Hamilton Hindin Greene, said the mixed indices in the United States gave little guidance to the local market.

“Maybe people are still digesting the 50 basis points increase in the official cash rate last week. The Reserve Bank is doing what it indicated with a cash rate of 5.5% by May. Here it comes.

“The latest Chinese inflation data was slightly less than expected with the March consumer price index rising 0.7%, and this could be a sign that the global economy may be reining in inflation,” Sullivan said. “This sentiment flowed through the Australian market, especially the major banks.”

The S&P/ASX 200 Index had risen 1.26% to 7309.8 points at 6pm NZ time. ANZ increased 72c or 2.93% to $25.30, and Westpac was up 71c or 3.07% to $23.85 on the NZ market.

Retirement sector

Summerset Group declined 27c or 3.07% to $8.52 after reporting 210 sales in the March quarter, lower than the same period last year. The number included 115 new sales and 95 resales, and Summerset described it as a credible result given the tough market conditions. It expected a stronger second half of the financial year.

Summerset said the lower-than-expected 95 resales – there were 41 more under contract – was related to timing with residents settling and moving in.  “We are committed to working with our prospective residents to enable them to move into our villages easily and confidently while they complete the settlement of their homes,” the company said.

Summerset said 75% of its new homes will be delivered in the second half, and this will represent 625 to 675 homes for the year.

Sullivan said Summerset alluded to helping people move into their villages and “I’m sure that’s a common practice in the sector at present.”

Ryman Healthcare gained 8c to $5.38; Oceania Healthcare was up 2c or 2.78% to 74c; and Arvida Group was unchanged at 98c.

Fletcher Building was active, rising 16c or 3.62% to $4.58 on trade worth $7.78m. Spark gained 7.5c to $5.115, and Mainfreight collected 73c to $69.45.

Napier Port rose 11c or 4.25% to $2.70; a2 Milk was up 6c to $6.15; Vulcan Steel increased 21c or 2.51% to $8.58; Vista Group gained 3c or 2.34% to $1.31; and Sanford added 11c or 2.72% to $4.15.

Winton Land increased 5c or 2.59% to $1.98; Pacific Edge rose 3.5c or 8.64% to 44c; and CDL Investments was up 2c or 2.67% to 77c.

In the property sector, Stride was up 3c or 2.33% to $1.32; Kiwi gained 3c or 3.33% to 93; Goodman Trust was down 3c to $2.11; and Property for Industry declined 1.5c to $2.275.

Heartland Bank, up 6c or 3.92% to $1.59, is offering investors $75m worth of unsecured subordinated notes, with the initial interest rate fixed for five years and then reverts to a quarterly floating rate. The bond offer, which includes another $50m in oversubscriptions, is expected to open on Monday.

Fibre uptake

Chorus gained 2c to $8.45 after telling the market that total fibre connections increased 15,000 to 1.01m in the third quarter and ultra-fast broadband now covers 72% of its completed footprint. Auckland has an 81% uptake.

Market leader Fisher and Paykel Healthcare was down 27c to $26.73, Meridian declined 17.5c or 3.33% to $5.125; Infratil shed 12c to $9.16; Skellerup Holdings fell 20c or 3.91% to $4.91; and PGG Wrightson decreased 9c or 2.05% to $4.30.

Other decliners were South Port NZ down 20c or 2.6% to $7.50; AFT Pharmaceuticals shed 9c or 2.61% to $3.36; NZME shedding 3c or 2.83% to $1.03; Foley Wines down 4c or 2.99% to $1.30; and Bremworth falling 4c or 10.53% to 34c.

TradeWindow, up 0.005c to 36.5c, is partnering with NZ Made and its 1400 licensees who share the trademark. TradeWindow’s software provides supply-chain visibility of products from cultivation, production and exporting.

Tags: Market Close

« All quiet on the sharemarket frontNZ investors quiet as investors await US inflation data »

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