NZ shares fall on Ryman result and strong currency

The S&P/NZX 50 Index fell 115.32 points, or 0.9 percent, to 12,441.81. Within the index, 26 stocks fell, 19 rose and five were unchanged. Turnover was $150.1 million.

Retirement village operator Oceania Healthcare led the market lower, falling 3.7 percent to $1.30, but the real culprit for the weakness in the sector was Ryman Healthcare who reported weaker underlying profit of $88.4 million.

Retirement stocks have been steadily climbing this year as surging house prices push up the value of their housing units and the land they are built on.

Ryman’s net profit was up 12.8 percent during the past six months, but only due to the unrealised value of its properties increasing. The more tangible underlying figure was dragged down by the firm spending $50 million to successfully protect residents and staff from the covid-19 pandemic.