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, July 25th, 6:33PM

Investments

rss
The Markets

NZX 50 ends the week down 1.5% in flurry of index reweighting

New Zealand shares fell in a late flurry of activity as investors digested the quarterly rebalancing of the S&P/NZX and FTSE Russell indices tracked by passive investment funds.

Friday, June 21st 2024, 6:36PM

by BusinessDesk

The S&P/NZX 50 index dropped 89.42 points, or 0.8%, to 11,682.39, taking its weekly decline to 1.5%. 

Across the main board, 67 stocks fell, 65 rose and 49 were unchanged. 

Turnover was $445.7 million, more than twice the $168m average daily turnover in May. 

Trading was relatively muted before the late flurry, with investors waiting for the rebalancing of the indices, said Matt Goodson, managing director at Salt Funds Management. 

“The portfolios drive quite a lot of trading,” Goodson said. 

Infratil was among the day’s biggest decliners, falling 4.8% to $10.64 on a volume of 4.6m shares. 

The infrastructure investment firm has received a lot of attention this week on expectations of being upweighted in some global indices after raising $1 billion in a placement at $10.15 a share and is raising a further $150m from retail investors to help fund plans to grow its CDC datacentre business. 

Goodson said Infratil’s CDC unit has positioned itself well with long-term leases and strong tenants as investors flock to companies with exposure to AI. 

“There’s an absolute boom and interest for all things AI and datacentres are the picks and shovels of that,” he said. 

Spark NZ was the most heavily traded company, declining 0.3% to $4.06 with 10.3m shares changing hands. 

Goodman Property fell 0.5% to $2.08 on a volume of 7.6m. 

Kiwi Property rose 3.1% to 83 cents with 6.4m shares traded, and Contact Energy dropped 3.3% to $8.78 on a volume of 5.3m. 

Fisher & Paykel Healthcare, the country’s biggest listed company by market value, fell 2.5% to $30.29 on a volume of 1.9m shares, while Meridian Energy declined 2.4% to $6.10 on a volume of 3.7m and Auckland International Airport rose 1.9% to $7.72 with 3.3m shares traded. 

KMD Brands, which operators the Kathmandu and Rip Curl retail brands, ended the day unchanged at 40 cents having dropped as low as 38 cents after warning of weaker-than-expected sales, and saying its bankers have loosened some upcoming covenants. 

Goodson said KMD’s problems are partly due to the soft economy and partly competitive, with the retailer’s balance sheet also facing some strains from its lease liabilities. 

Colonial Motor Co fell 0.7% to $7.30 on a small volume of 1,643 shares after the car dealership warned of softer earnings in the face of a weaker economy. 

Livestock Improvement Corp was unchanged at $1.21 with no trading after the farmer-owned cooperative trimmed its earnings forecast due to the change in tax legislation on claiming deductions on depreciation for commercial buildings.

Among companies exposed to the primary sector, A2 Milk fell 3.5% to $6.95 on a volume of 2.7m shares, Synlait Milk extended its decline, falling 1.8% to 27.5 cents and PGG Wrightson slipped 0.7% to $1.50. Meanwhile, Scales Corp rose 2.8% to $3.62, Fonterra Shareholders’ Fund units advanced 1% to $4.10, Sanford increased 5% to $4.20 and T&G Global was up 4.8% at $1.76. 

Oceania Healthcare posted the day’s biggest gain on the benchmark index, rising 5.9% to 54 cents on a volume of 1.8m shares. Radius Residential Care extended its gain after Forsyth Barr started covering the stock, rising 5.8%, or 0.9 of a cent, to 16.3 cents. Ryman Healthcare rose 1.6% to $3.81 on a volume of 2.8m, Summerset climbed 3.8% to $9.60 and Arvida gained 2.2% to 95 cents with 1m shares traded.  Some companies that have been under pressure in recent weeks recovered some of those losses. 

SkyCity Entertainment rose 5% to $1.47 on a volume of 1.8m shares, Tourism Holdings climbed 3.9% to $1.85 and Fletcher Building increased 2.8% to $2.95 with 2.2m shares traded. 

Stride Property rose 3.3% to $1.24 on a volume of 3.4m. A substantial shareholder notice today showed that the Accident Compensation Corp’s investment arm increased its stake in the property company to 12.7% from 11.4%. 

Channel Infrastructure slipped 1.3% to $1.48. BP NZ sold its stake in the import terminal this week and the company was also downgraded by Forsyth Barr analysts to neutral from outperform. Scott Technology fell 1.4% to $2.07 with an unusually large volume of 1.3m shares and Tower extended its gains on robust volumes, rising 0.6% to 85 cents with 1.4m shares traded.

Tags: Market Close

« NZ shares rally as economy edges out of recessionNZ sharemarket down following Warehouse downgrade »

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

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 ▼6.85 ▼6.49 ▼6.35
ANZ 8.64 ▼7.45 ▼7.09 ▼6.95
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - ▼6.85 ▼6.49 ▼6.35
ASB Bank 8.64 ▼6.85 ▼6.49 ▼6.35
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - ▼6.85 ▼6.49 ▼6.39
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 ▼7.45 ▼7.09 ▼6.99
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - ▼6.59 - -
Co-operative Bank - Owner Occ 8.40 ▼6.79 ▼6.49 ▼6.35
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 ▼7.29 ▼6.99 ▼6.85
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 ▼6.69 ▼6.35 ▼6.15
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 ▼7.50 ▼7.25 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.74 7.35 6.99
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 ▼7.75 ▼7.39 ▼7.19
Kiwibank - Offset 8.50 - - -
Kiwibank Special - ▼6.85 ▼6.49 ▼6.39
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 ▼7.25 ▼6.90 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 8.74 7.74 7.09 6.95
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 7.14 6.49 6.35
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 ▼7.65 ▼7.29 ▼7.19
TSB Special 8.64 ▼6.85 ▼6.49 ▼6.39
Unity 8.64 ▼6.85 ▼6.49 -
Unity First Home Buyer special - ▼6.45 - -
Wairarapa Building Society 8.60 6.95 6.85 -
Lender Flt 1yr 2yr 3yr
Westpac 8.64 ▼7.45 ▼7.09 ▼6.89
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - ▼6.85 ▼6.49 ▼6.29
Median 8.64 7.07 6.85 6.39

Last updated: 24 July 2024 9:31am

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