NZ stocks retreat from record high, down 0.7%
New Zealand’s sharemarket ended lower after a post-rate-cut flirtation with record highs earlier in the week was cut short by weakness in key overseas markets.
Friday, October 10th 2025, 6:23PM
by BusinessDesk
The S&P/NZX 50 Index dropped 103.60 points, or 0.76%, to 13,467.26, with 31 million shares worth $118.9m trading.
There were 70 rises and 63 falls on the main board.
The index reached a record high of 13,570.86 on Thursday, its highest closing point since Jan 8, 2021, following the Reserve Bank of NZ's mid-week 50 basis point official cash rate cut.
Wall Street down
Wall Street’s indices ended down, with the Dow Jones Industrial Index losing 0.52%, the S&P 500 losing 0.28%, and the Nasdaq losing 0.08%.
“The US Government shutdown is starting to weigh on people’s nerves,” Craigs Investment Partners investment director Mark Lister said.
“It’s dragged on a little too long now, and it will probably drag on a bit longer, but we’re just not getting the US data that we need to gauge the state of the economy."
Big players fall
Market heavyweights Fisher and Paykel Healthcare, down $1.33 (3.5%) at $36.25, and Mainfreight, down $1.82 (2.9%) at $60.68, were the main drivers of the index’s fall.
Lister said US tariff concerns were once again overhanging F&P Healthcare, which manufactures respiratory products.
“There is a bit of nervousness about the US Department of Commerce investigation into medical device imports, so it’s hard to know what that leads to,” Lister said.
“It could mean we’re seeing increased tariffs which will, of course, eat into earnings for F&P Healthcare over the next couple of years."
Rural upside
Running against the downward trend were the agri and agri-related stocks.
Farm services company PGG Wrightson, which is due to hold its annual meeting on Tuesday, ended 17c or 7.08% higher at $2.57.
Fonterra’s units gained 11c or 1.4% to $8.21 as the Oct 30 special meeting to vote on the $4.2 billion sale of its Mainland consumer business nears.
Napier Port, a major exit point for agricultural exports, ended up 6c at $3.40 after telling the market that its containerised cargo volume increased 9.1% in the September year. The port’s bulk cargo volume fell 1.7%.
Black Pearl shines
Elsewhere, data technology company Black Pearl gained 3.5c to $1.13.
Lister said the market had gained about 15% since its slump on Liberation Day in April and had remained in positive territory so far this month.
“If we can hold on to those gains, that would be the sixth consecutive month that we’ve been up, and that will be the longest winning streak in at least five years,” he said.
“Getting the big rate cut that we were all hoping for has been good for our yield stocks and our income stocks, such as listed property."
Stride steps up
Over the week, Stride Property, which ended a $1.52, was up 6%.
Retirement village company Summerset, which has exposure to the housing market, gained 10c to $11.60 on the day and has gained 5% over the week.
Kiwi Property ended flat at $1.12 but has gained 4% on the week.
Retirement village company Ryman Healthcare finished down 2c at $2.89 but has gained 11%.
Next week, the US reporting season kicks off, starting with the big banks.
Lister said the results would be a test of whether some Wall Street stocks can justify their current elevated price multiples.
| « Ryman lifts as NZ sharemarket ends flat after rate‑cut rally fades | NZ sharemarket starts week down 0.8% » |
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