Market close: Investors offload Ryman, Fisher and Paykel Healthcare shares

Ryman Healthcare was down 28c or 2.93 per cent to $9.29. Photo / NZME

Investors offloaded two heavyweights, medical devices manufacturer Fisher and Paykel Healthcare and retirement village operator Ryman Healthcare, as the New Zealand sharemarket opened the week with more than a 1 per cent fall.

The S&P/NZX 50 Index began in positive territory on the back of another recovery on Wall Street, but that confidence faded by lunchtime. It was downhill in the afternoon as the index closed at 11,909.72, declining 145.28 points or 1.21 per cent after reaching an intraday high of 12,099.31.

There were 61 gainers and 79 decliners across the whole market, with 86.7 million shares worth $349.77 million changing hands. The volume was boosted by the trade of 30.94 million units worth $78.48m in the Smartshares S&P/NZX 50 exchange traded fund.

Fisher and Paykel Healthcare, the biggest cap stock on the market, has been falling since it last week warned of a slowdown in revenue as demand for its respiratory products tapers off. It fell 93c or 3.81 per cent to $23.48 on trade worth $43.54m, having been at $27.93 at the start of last week.

Fisher and Paykel has now fallen more than 40 per cent from its high of $37.68 set on August 28, 2020, and is nearing its low of $23.10 in mid-march 2020.

Ryman Healthcare, a top 10 on market capitalisation, was down 28c or 2.93 per cent to $9.29 on trade worth $20.17m. Its low was $8.99 on February 24.

Jeremy Sullivan, investment adviser with Hamilton Hindin Green, said there was a broad retracement on the local market, brought about by the geopolitical instability rather than stock specific news.

He said the ANZ business and consumer confidence surveys later this week would be closely watched.

Bond yields continued to rise as central bank's latest approach to taming inflation adds to the uncertainty. The United States 10 Year Treasury Note yield is now at 2.48 per cent, its highest level since May 2019, and the New Zealand 10 Year Government Bond yield increased 6.8 basis points to 3.374 per cent.

The volatile crude oil price fell but then began rising again, trading at US$109.8 a barrel at 5.45pm NZ time.

At home, blue chip stocks Mainfreight was down $1.29 to $82.50; Infratil shed 25c or 3.03 per cent to $7.99; Auckland International Airport decreased 12c to $7.78; and Skellerup Holdings declined 16c or 2.71 per cent to $5.74.

Pushpay Holdings fell 4c or 3.51 per cent to $1.10; SkyCity Entertainment decreased 6c or 2.04 per cent to $2.88; Sky Network Television shed 5c to $2.75; and Accordant Group was down 4c or 2.01 per cent to $1.95.

Among the property companies, Kiwi Property declined 2.5c or 2.31 per cent to $1.055, Goodman Property Trust decreased 3.5c to $2.32; Precinct Properties was down 2.5c to $1.54; and Stride was up 2c to $2.

Retailers Hallenstein Glasson rose 13c or 2.04 per cent to $6.49; and Briscoe Group was up 8c to $5.89; while The Warehouse Group was down 6c or 1.82 per cent to $3.24.

EBOS Group increased 45c to $40 on trade worth $25.23m; Mercury Energy gained 5c to $5.80; Gentrack rose 15c or 9.38 to $1.75; Millennium & Copthorne Hotels New Zealand collected 8c or 3.35 per cent to $2.47; and Steel & Tube was up 4c or 2.74 per cent to $1.50.

My Food Bag rose 4c or 4.55 per cent to 92c; T&G Global increased 6c or 2.12 per cent to $2.89; CDL Investments New Zealand gained 4.5c or 4.04 per cent to $1.16; and Third Age Health Services was up 6c or 2.13 per cent to $2.88.

Air New Zealand, down 0.005c to $1.385, has had support for its cargo flights extended another 12 months under the Government's Maintaining International Air Connectivity scheme. The extension covers 60 flights a week and will contribute $180m to cargo revenue.

Transport technology company EROAD has increased its three-year debt facility with ANZ and BNZ to $90m, from $59.9m. EROAD's share price increased 11c or 2.89 per cent to $3.91.

Enprise Group, which invests in high-growth technology companies, has been granted a waiver by BNZ for breaches of interest cover and financial debt ratios. Enprise's share price was unchanged at $1.

Cooks Global Foods is changing its name to Cooks Coffee Company and is undertaking a 15 into one share consolidation on March 31. Cooks share price decreased 0.001 or 3.13 per cent to 3.1c.

The New Zealand Refining Company, unchanged at $1.07, is also changing its name to Channel Infrastructure NZ on April 1 to reflect the change to becoming a fuel import terminal at Marsden Point near Whangārei.