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21 Apr 2018 19:36
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  •   Home > News > Health & Safety

    NZ shares fall; Fletcher drops after surge

    New Zealand shares fell in relatively subdued trading, led by Ebos Group, Ryman Healthcare, Air New Zealand and Fletcher Building.

    Air New Zealand
    Air New Zealand

    New Zealand shares fell in relatively subdued trading on Monday, led by Ebos Group, Ryman Healthcare, Air New Zealand and Fletcher Building.

    Comvita rose slightly after a profit warning while A2 Milk gained on news of a deal in South Korea.

    The S/NZX 50 Index declined 8.42 points, or 0.1 per cent, to 8,406.35. Within the index, 25 stocks fell, 14 gained and 11 were unchanged. Turnover was $89 million.

    Grant Williamson, a director at Hamilton Hindin Greene, said trading volumes have been low in the absence of much corporate activity and as global geopolitical uncertainty keeps some investors on the sidelines.

    Ebos dropped 2.7 per cent to $18 and Ryman, which has gained 27 per cent in the past 12 months, fell 2.6 per cent to $10.66.

    Air New Zealand fell 2.2 per cent to $3.305. The airline said early Rolls Royce engine maintenance checks will prompt some changes to its international flight schedule, but doesn't anticipate a hit to earnings and affirmed annual guidance.

    Fletcher Building fell 1.1 per cent to $6.27. The building materials and construction group surged on Friday after a media report that Wesfarmers was building a stake in preparation for a takeover.

    However, Australian fund manager Ellerston Capital announced it had built up its holding to 5.1 per cent and the beat-up shares fit the bill as a turnaround investment.

    "Fletcher could well be right for potential corporate activity," Mr Williamson said. "When you have a depressed blue chip, predators are going to have a look."

    A2 rose 2.2 per cent to $12.47 after the milk marketer said it had signed an exclusive distribution deal with Yuhan Corp in South Korea.

    Synlait rose 1.1 per cent to $9.48.

    Comvita, the NZX-listed manuka honey company, rose 0.6 per cent to $7.01 having see-sawed during the day.

    Comvita said that a third party was currently undertaking due diligence in what may be a precursor to a takeover. The company also said that its after-tax operating earnings for the year ending June 30 are expected to be between $8 million to $11 million, down from an earlier forecast.

    Spark rose 1.5 per cent to $3.46. The company said it has bought broadcasting rights to the 2019 Rugby World Cup.


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