New Zealand’s S&P/NZX 50 index was among the softer markets in a mixed Asian trading session, as surging sales for storage firms Sandisk and Western Digital failed to impress investors, while rising gold prices spurred miners on both sides of the Tasman.

Heavyweight companies Fisher & Paykel Healthcare, Infratil and Meridian Energy were the main drags on the NZX 50, which touched a new intraday high before retreating later in the session to snap a three-day rally.

SkyCity Entertainment Group dipped on an unusually large volume ahead of its annual result later this month, while outside the benchmark AFT Pharmaceuticals also ceded ground on a bigger turnover than normal.

And former NZX chair James Miller was tapped to chair the Financial Markets Authority, with NZ RegCo’s inaugural chair Trevor Janes joining him on the regulator’s board.

Holding pattern

The NZX 50 decreased 39.12 points, or 0.3%, to 13,958.06, with 21 stocks falling, 25 gaining and four unchanged. The S&P/NZX 20 index futures contract for September dipped 0.1% to 7,820, with 200 lots traded for a turnover of $1.6 million, while the NZX 20 slipped 0.3% to 7,865.34.

Turnover was $135.7 million, of which Auckland International Airport accounted for $18.3 million as it rose 0.3% to $8.98.

F&P Healthcare slipped 1.6% to $42.30 on a turnover of $12.1 million, while Infratil decreased 0.9% to $15.08 with $7.5 million of stock traded and Meridian declined 1.6% to $5.62 on turnover of $6.8 million.

“It’s very light volumes – this week in particular, we’ve noticed heavier flows heading into the closing match and I’d expect that again today,” said Matt Goodson, managing director at Salt Funds Management.

Stock markets across Asia were mixed, with South Korea’s Kospi sinking 4.1% after surging revenues for data-storage firms Sandisk and Western Digital failed to impress investors, while resources-heavy Australia’s S&P/ASX 200 index advanced 0.4% as mining firms were buoyed by the recovery in gold prices, with futures up 0.3% at US$4,319 an ounce at 5pm in Auckland.

Meanwhile, Brent crude oil futures slipped 0.4% to US$79.18 a barrel as investors wait for more details on the reopening of the Strait of Hormuz, after Iran said it had reached an agreement with Oman on a proposed route through the channel.

KMD Brands posted the steepest decline on the NZX 50, falling 2.2% to $1.82, while Freightways shed 1.3% to $14.30 and Air New Zealand was down 1.2% at 43 cents.

SkyCity was the most heavily traded stock on the day, with 16.8 million shares changing hands, of which almost 14 million were traded at 61 cents each. The stock declined 0.8% to 61.5 cents.

Vulcan Steel was unchanged at $6.55 with 1.8 million shares traded, its biggest volume in two months.

Graceful retirement

Oceania Healthcare posted the biggest gain on the day, rising 3.1% to 82.5 cents, its highest level since late February, while Summerset Group Holdings advanced 1.6% to $8.43 and Ryman Healthcare increased 0.5% to $2.06.

Outside the benchmark index, Promisia Healthcare climbed 5.6% to 75 cents after agreeing to buy a Christchurch retirement village for $25 million, which was expected to immediately add to earnings and cash flow.

Among other gainers on the NZX 50, Serko extended its run higher for a seventh day, advancing 3.1% to $1.65, while Scales Corp rose 1.7% to $6.76.

The NZX rose 1.4% to $1.50 after the stock market operator’s former chair James Miller was appointed chair of the FMA, filling the vacancy left by Craig Stobo’s exit earlier this year. Miller is joined by former NZ RegCo chair Trevor Janes in joining the regulator’s board, at a time when the FMA’s culture and workplace conduct is reviewed by Kristy McDonald KC.

Channel Infrastructure, which Miller also chairs, slipped 0.9% to $3.42.

Outside the benchmark index, NZ King Salmon Investments gained 4.4% to 24 cents after the fish farmer raised its annual earnings guidance to a range of $30 million-to-$34 million in the September year, having previously projected earnings of between $23 million and $29 million. A better fish survival rate and growth, along with fewer supply chain challenges than anticipated contributed to the uplift.

Asset Plus increased 0.6% to 16.5 cents after the property firm told shareholders at today’s annual meeting that it was taking longer to fully lease its Munroe Lane property in Auckland than anticipated, which it then planned to sell. Chair Bruce Cotterill said the board considered other options, such as buying assets or a potential takeover or merger, but rejected them as not offering a big enough benefit relative to the risk.

AFT Pharmaceuticals slipped 0.6% to $4.75 on a turnover of $1.2 million, its biggest value traded in a day in more than two years.

The kiwi dollar traded at 58.80 US cents at 5pm in Auckland from 58.71 cents yesterday.

Reporting by Paul McBeth.