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: Thursday, October 3rd, 8:14PM

Investments

rss
The Markets

NZ sharemarket ends five day bull run

An uncertain New Zealand sharemarket ran out of puff and finished lower after five consecutive days of heady rises.

Tuesday, March 26th 2024, 6:25PM

by BusinessDesk

The S&P/NZX 50 Index had another turnaround from a fall in the morning to 11,988.05 points. But the afternoon momentum succumbed to a late dip, and the index closed at 12,031.81, down 35.22 points or 0.29% after reaching an intraday high of 12.078.

There were 67 gainers and 71 decliners on the main board, with 36.49 million shares worth $137.74m changing hands.

'Pent-up performance'

Matt Goodson, managing director of Salt Funds Management, said the volumes and corporate news were light, and that’s a familiar story. “

Maybe there is some pent-up performance and some buying leading into the close. Three years ago, the index peaked in the mid-13,000 points and it’s been an unusual market since then – considering markets increase over time,” Goodson said.

“When we see earnings growth from companies coming through, the market will move quickly. But maybe the bottom is with us for a little while yet.”

Fisher and Paykel Healthcare took a breather, gaining 3c to $26.45 on trade worth $17.81m. 

Contact Energy gained 19c or 2.28% to $8.53; Gentrack collected 25c or 3.7% to $8.40; Scales Corp increased 9c or 2.79% to $3.32; Napier Port rose 13c or 5.8% to $2.37; and Skellerup added 6c to $4.46.

Other gainers were Allied Farmers, increasing 3c or 3.9% to 80c; Eroad, up 4c or 5.41% to 78c; and NZME, rising 4c or 4.71% to 89c.

Amongst the retailers, Briscoe was up 7c to $4.57; Hallenstein Glasson increased 16c or 2.58% to $6.36; and KMD Brands gained 2c or 3.45% to 60c.

Goodman Property Trust was up 0.005c to $2.285 after unitholders approved the internalisation process at a special meeting. The trust will now provide all the property management and development services instead of being managed by the Australian-based Goodman Property Group.

The staff are transferring from the group to the trust, and the group will receive a large payment in shares and increase its shareholding in the trust to 31.8%. 

Goodson said the Goodman trust is aiming to set up a pension fund and the need to do a capital raising for developments has diminished. One thought is the trust may move into data centre development which currently is a hot investment area.

He said: “Our assessment is that the internalisation is relatively neutral in terms of value, but the trust retains a strong relationship with the group and can leverage off the global developer.”

Other stocks

Fellow stocks Property for Industry was up 4c or 1.74% to $2.335, and Precinct Properties was down 2.5c or 2.07% to $1.185.

Ebos Group was down 28c to $34.30 on trade worth $17.02m; Mainfreight declined $1.17 to $68.82; Chorus fell 17c or 2.18% to $7.62; Spark shed 7c to $4.79; Fletcher Building decreased 10c or 2.4% to $4.07; and Serko was down 7c or 2.1.79% to $3.85. 

Other decliners were Restaurant Brands shedding 10c or 2.94% to $3.30; 2 Cheap Cars down 3c or 3.75% to 77c; Carbon Fund falling 7c or 4.29% to $1.56; Bremworth decreasing 2c or 4.08% to 47c; and Metro Performance Glass down 0.007c or 6.42% to 10.2c.

Third Age Health Services, up 2c to $1.67, will complete the 70% purchase of Hub Aged Care, a Wellington elder primary care practice, on April 1.

Medicinal cannabis company Cannasouth went into a trading halt while it settled a dispute with some of its secured convertible note holders. Cannasouth said it urgently needs to secure funding through an additional capital raise to remain solvent. The stock last traded at 9.8c.

Rua Bioscience, up 0.002c or 2.63% to 7.8c, has signed an agreement with Portugal-based Cannprisma to conduct pre-commercial trials of Rua’s cannabis varieties and will send clones to Portugal.

Software firm TradeWindow, down 0.001c to 18.7c, has launched a $2.2m capital raising, first a placement to investors at 17.5c a share and then a share purchase plan for existing shareholders. 

TradeWindow narrowed its full-year revenue guidance to $6.1m-$6.2m, compared with $4.9m for the 12 months ending March last year. The company is forecasting revenue of $7.3m-$8.3m for the year ending March 2025.

Shell company Ascension Capital will be renamed Being AI and resume trading following the reverse takeover on April 2, following shareholder approval.

Tags: Market Close

« NZ sharemarket closes with decent riseNZ sharemarket stuck in negative territory ahead of Easter weekend »

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
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 5.94 - - -
AIA - Go Home Loans 8.49 6.35 5.79 5.79
ANZ 8.39 ▼6.79 ▼6.29 ▼6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - ▼6.19 ▼5.69 ▼5.69
ASB Bank 8.39 6.35 5.79 5.79
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.90 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - ▼6.19 5.79 5.79
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 8.44 - - -
BNZ - Rapid Repay 8.44 - - -
BNZ - Std 8.44 6.45 5.89 5.79
BNZ - TotalMoney 8.44 - - -
CFML 321 Loans 6.70 - - -
CFML Home Loans 6.95 - - -
CFML Prime Loans 8.75 - - -
CFML Standard Loans 9.70 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 6.15 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 8.15 6.35 5.79 5.69
Co-operative Bank - Standard 8.15 6.85 6.29 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - ▼6.60 ▼6.10 -
First Credit Union Standard 8.50 ▼7.20 ▼6.70 -
Heartland Bank - Online 7.99 6.69 6.35 6.15
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.85 6.45 5.99 5.89
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 8.25 7.19 6.69 6.59
Kiwibank - Offset 8.25 - - -
Kiwibank Special - 6.29 5.79 5.79
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.75 ▼6.69 ▼6.19 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 8.49 ▼7.05 ▼6.39 ▼6.39
SBS Bank Special - ▼6.45 ▼5.79 ▼5.79
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.94 ▼5.45 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
TSB Bank 9.19 ▼7.09 ▼6.59 ▼6.59
TSB Special 8.39 ▼6.29 ▼5.79 ▼5.79
Unity 8.64 ▼6.29 ▼5.79 -
Unity First Home Buyer special - 6.20 - -
Wairarapa Building Society 8.50 6.65 5.99 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 8.44 6.53 6.10 5.79

Last updated: 3 October 2024 9:23am

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