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24 Jan 2018 6:35
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  •   Home > News > Business

    NZ shares down in light trading

    New Zealand shares dipped on Friday, led lower by Fisher & Paykel Healthcare and Pushpay Holdings, albeit in light volume.


    New Zealand shares dipped on Friday, led lower by Fisher & Paykel Healthcare and Pushpay Holdings, albeit in light volume as market participants return slowly.

    The S&P/NZX50 Index dropped 8.09 points, or 0.1 per cent, to 8242.35. Within the index, 36 stocks fell, 10 rose and four were unchanged. Turnover was $89 million.

    "Over the last few trading days we've seen some new capital come into the market, and a few people who have taken advantage of what has been a very strong market to take some profits," said Shane Solly, director, portfolio manager & research analyst at Harbour Asset Management.

    "We're into the confession season now for companies, so we'll be looking forward to getting more information from companies in the next few weeks before the full reporting season kicks off," Mr Solly said.

    "We'll see a lot more participants back next week so that will be a better test for the market."

    Fisher & Paykel Healthcare led the index lower, down 1.5 per cent to $13.05. The stock has had a relatively sharp pullback since the end of last year, when it closed at $14.35, he said.

    Pushpay Holdings dropped 1.4 per cent to $4.13, Meridian Energy fell 1 per cent to $2.87, and Auckland International Airport declined 0.9 per cent to $6.35.

    The best performer was Genesis Energy, up 2.9 per cent to $2.46, with Freightways gaining 1.8 per cent to $7.79 and Port of Tauranga rising 1 per cent to $5.08.

    Outside the benchmark index, Michael Hill International rose 0.8 per cent to $1.35. The jewellery retailer, founded by its namesake, lifted revenue 4.7 per cent in the first half, though its US business continued to struggle.

    Rubicon was unchanged at 23.5c. Shareholders have voted in favour of its proposal to sell a 45 per cent stake in Tenon Clearwood Partnership, a large clearwood sawmill and manufacturing operation in Taupo.


    NZN




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