F&P Healthcare gives NZX 50 an end of month surge

The S&P/NZX 50 Index rose 128.69 points, or 1 percent, to 12,768.52. Within the index, 27 stocks fell, 16 rose and seven were unchanged. Turnover was $515.8 million, much higher than usual to accommodate the semi-annual review of the MSCI equities indices.

F&P Healthcare led the market, up 5.8 percent at $35.92, holding an elevated share price even amid a rotation away from the best performing stocks. 

Matthew Goodson, a director at Salt Funds Management, said potential vaccines were a double-edged sword for the medical device manufacturer.

“While the enormous growth in their respiratory humidification sales into hospitals may slow, covid has been a headwind for take up in their sleep apnoea business as people haven’t been out getting tested,” he said.