NZ Herald
  • Home
  • Latest news
  • Herald NOW
  • Video
  • New Zealand
  • Sport
  • World
  • Business
  • Entertainment
  • Podcasts
  • Quizzes
  • Opinion
  • Lifestyle
  • Travel
  • Viva
  • Weather

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • New Zealand
    • All New Zealand
    • Crime
    • Politics
    • Education
    • Open Justice
    • Scam Update
  • Herald NOW
  • On The Up
  • World
    • All World
    • Australia
    • Asia
    • UK
    • United States
    • Middle East
    • Europe
    • Pacific
  • Business
    • All Business
    • MarketsSharesCurrencyCommoditiesStock TakesCrypto
    • Markets with Madison
    • Media Insider
    • Business analysis
    • Personal financeKiwiSaverInterest ratesTaxInvestment
    • EconomyInflationGDPOfficial cash rateEmployment
    • Small business
    • Business reportsMood of the BoardroomProject AucklandSustainable business and financeCapital markets reportAgribusiness reportInfrastructure reportDynamic business
    • Deloitte Top 200 Awards
    • CompaniesAged CareAgribusinessAirlinesBanking and financeConstructionEnergyFreight and logisticsHealthcareManufacturingMedia and MarketingRetailTelecommunicationsTourism
  • Opinion
    • All Opinion
    • Analysis
    • Editorials
    • Business analysis
    • Premium opinion
    • Letters to the editor
  • Politics
  • Sport
    • All Sport
    • OlympicsParalympics
    • RugbySuper RugbyNPCAll BlacksBlack FernsRugby sevensSchool rugby
    • CricketBlack CapsWhite Ferns
    • Racing
    • NetballSilver Ferns
    • LeagueWarriorsNRL
    • FootballWellington PhoenixAuckland FCAll WhitesFootball FernsEnglish Premier League
    • GolfNZ Open
    • MotorsportFormula 1
    • Boxing
    • UFC
    • BasketballNBABreakersTall BlacksTall Ferns
    • Tennis
    • Cycling
    • Athletics
    • SailingAmerica's CupSailGP
    • Rowing
  • Lifestyle
    • All Lifestyle
    • Viva - Food, fashion & beauty
    • Society Insider
    • Royals
    • Sex & relationships
    • Food & drinkRecipesRecipe collectionsRestaurant reviewsRestaurant bookings
    • Health & wellbeing
    • Fashion & beauty
    • Pets & animals
    • The Selection - Shop the trendsShop fashionShop beautyShop entertainmentShop giftsShop home & living
    • Milford's Investing Place
  • Entertainment
    • All Entertainment
    • TV
    • MoviesMovie reviews
    • MusicMusic reviews
    • BooksBook reviews
    • Culture
    • ReviewsBook reviewsMovie reviewsMusic reviewsRestaurant reviews
  • Travel
    • All Travel
    • News
    • New ZealandNorthlandAucklandWellingtonCanterburyOtago / QueenstownNelson-TasmanBest NZ beaches
    • International travelAustraliaPacific IslandsEuropeUKUSAAfricaAsia
    • Rail holidays
    • Cruise holidays
    • Ski holidays
    • Luxury travel
    • Adventure travel
  • Kāhu Māori news
  • Environment
    • All Environment
    • Our Green Future
  • Talanoa Pacific news
  • Property
    • All Property
    • Property Insider
    • Interest rates tracker
    • Residential property listings
    • Commercial property listings
  • Health
  • Technology
    • All Technology
    • AI
    • Social media
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
    • Opinion
    • Audio & podcasts
  • Weather forecasts
    • All Weather forecasts
    • Kaitaia
    • Whangārei
    • Dargaville
    • Auckland
    • Thames
    • Tauranga
    • Hamilton
    • Whakatāne
    • Rotorua
    • Tokoroa
    • Te Kuiti
    • Taumaranui
    • Taupō
    • Gisborne
    • New Plymouth
    • Napier
    • Hastings
    • Dannevirke
    • Whanganui
    • Palmerston North
    • Levin
    • Paraparaumu
    • Masterton
    • Wellington
    • Motueka
    • Nelson
    • Blenheim
    • Westport
    • Reefton
    • Kaikōura
    • Greymouth
    • Hokitika
    • Christchurch
    • Ashburton
    • Timaru
    • Wānaka
    • Oamaru
    • Queenstown
    • Dunedin
    • Gore
    • Invercargill
  • Meet the journalists
  • Promotions & competitions
  • OneRoof property listings
  • Driven car news

Puzzles & Quizzes

  • Puzzles
    • All Puzzles
    • Sudoku
    • Code Cracker
    • Crosswords
    • Cryptic crossword
    • Wordsearch
  • Quizzes
    • All Quizzes
    • Morning quiz
    • Afternoon quiz
    • Sports quiz

Regions

  • Northland
    • All Northland
    • Far North
    • Kaitaia
    • Kerikeri
    • Kaikohe
    • Bay of Islands
    • Whangarei
    • Dargaville
    • Kaipara
    • Mangawhai
  • Auckland
  • Waikato
    • All Waikato
    • Hamilton
    • Coromandel & Hauraki
    • Matamata & Piako
    • Cambridge
    • Te Awamutu
    • Tokoroa & South Waikato
    • Taupō & Tūrangi
  • Bay of Plenty
    • All Bay of Plenty
    • Katikati
    • Tauranga
    • Mount Maunganui
    • Pāpāmoa
    • Te Puke
    • Whakatāne
  • Rotorua
  • Hawke's Bay
    • All Hawke's Bay
    • Napier
    • Hastings
    • Havelock North
    • Central Hawke's Bay
    • Wairoa
  • Taranaki
    • All Taranaki
    • Stratford
    • New Plymouth
    • Hāwera
  • Manawatū - Whanganui
    • All Manawatū - Whanganui
    • Whanganui
    • Palmerston North
    • Manawatū
    • Tararua
    • Horowhenua
  • Wellington
    • All Wellington
    • Kapiti
    • Wairarapa
    • Upper Hutt
    • Lower Hutt
  • Nelson & Tasman
    • All Nelson & Tasman
    • Motueka
    • Nelson
    • Tasman
  • Marlborough
  • West Coast
  • Canterbury
    • All Canterbury
    • Kaikōura
    • Christchurch
    • Ashburton
    • Timaru
  • Otago
    • All Otago
    • Oamaru
    • Dunedin
    • Balclutha
    • Alexandra
    • Queenstown
    • Wanaka
  • Southland
    • All Southland
    • Invercargill
    • Gore
    • Stewart Island
  • Gisborne

Media

  • Video
    • All Video
    • NZ news video
    • Herald NOW
    • Business news video
    • Politics news video
    • Sport video
    • World news video
    • Lifestyle video
    • Entertainment video
    • Travel video
    • Markets with Madison
    • Kea Kids news
  • Podcasts
    • All Podcasts
    • The Front Page
    • On the Tiles
    • Ask me Anything
    • The Little Things
  • Cartoons
  • Photo galleries
  • Today's Paper - E-editions
  • Photo sales
  • Classifieds

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / Business / Companies

Market close: NZ shares fall as strong kiwi weighs on exporters

By Dan Brunskill
BusinessDesk·
9 Jun, 2020 05:32 AM3 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

    Reminder, this is a Premium article and requires a subscription to read.

F&P Healthcare led the market lower, falling 5.7 per cent to $28.30. Photo / Dean Purcell

F&P Healthcare led the market lower, falling 5.7 per cent to $28.30. Photo / Dean Purcell

New Zealand shares fell as a strong kiwi dollar weighed on export heavyweights Fisher & Paykel Healthcare and A2 Milk, pushing the market lower and giving back much of yesterday's gains.

The S&P/NZX 50 Index dropped 225.47 points, or 2 per cent, to 11,298.69. Within the index, 29 fell, 17 stocks rose, and four were unchanged. Turnover was $264.3 million.

The local benchmark was off the pace as stock markets across Asia followed Wall Street, where the Nasdaq hit an all-time high on optimism about the global recovery. That has helped push the kiwi dollar to a five-month high as investors return to risk-sensitive assets.

Australia's S&P/ASX 200 Index gained 2.8 per cent in afternoon trading, catching up after yesterday's Queen's Birthday public holiday there.

"Fisher & Paykel and A2 Milk are doing most of the damage," said Grant Davies, an investment adviser at Hamilton Hindin Greene.

Advertisement
Advertise with NZME.

The two big exporters were the initial drag that turned the market, along with a number of property and yield stocks, he said.

F&P Healthcare led the market lower, falling 5.7 per cent to $28.30. A2 Milk dropped 4 per cent to $19.01.

The kiwi dollar has been on an upward trajectory since it bottomed out in March at a 10-year low. Since then, it's put on more than 10 US cents, trading around 65 US cents. That reduces the value of exports for the likes of F&P Healthcare and A2, which both generate large amounts of revenue in US dollars.

Advertisement
Advertise with NZME.

US-based donation company Pushpay also declined, down 0.6 per cent at $7.

Property stocks were weaker. Precinct Properties New Zealand declined 2.3 per cent to $1.71, Property for Industry fell 3.1 per cent to $2.38, Goodman Property Trust dropped 2 per cent to $2.23 and Kiwi Property Group decreased 2.2 per cent to $1.145.

NZX fell 1.4 per cent to $1.46 with 11.7 million shares traded. The bulk of that was in a single trade of 11.4 million shares at $1.40.

Spark New Zealand declined 2.1 per cent to $4.39 with 6.2 million shares traded.

Auckland International Airport fell 3.6 per cent to $6.95, more than offsetting yesterday's 2.7 per cent gain.

Still, the positive mood continued for some of the worst-affected companies which continued to recover with investors happy to take on risk.

"There is some optimism out there for some companies that are purely focused on New Zealand as some investors think we are through the worst," Davies said.

Sky Network Television posted the day's biggest gain, rising 8.8 per cent to 18.5 cents. Air New Zealand rose 8.4 per cent to $1.94 and SkyCity Entertainment Group increased 5.7 per cent to $3.14.

Advertisement
Advertise with NZME.

Refining NZ advanced 3.3 per cent to 95 cents and Z Energy rose 1.3 per cent to $3.15.

Infratil today announced it would raise up to $300m of new equity to help advance its growth plans and allow it to snap up opportunities through the recession. The infrastructure investment firm will offer new shares at $4.76, an 8 per cent discount on the $5.175 price the stock closed at yesterday. The stock is now on a trading halt.

Davies said Infratil was taking advantage of the recovery to build a war chest for its existing development pipeline.

"In this volatile market it pays to make hay while the sun shines and raise capital while things are looking reasonably positive," he said.

Save

    Share this article

    Reminder, this is a Premium article and requires a subscription to read.

Latest from Companies

Business|companies

Tourism: Luxon, Upston hope more money gets more attention from China, Australia, US

09 Jun 07:53 AM
Premium
Property

New, never-lived-in Auckland apartment project up for mortgagee sale

09 Jun 04:00 AM
Premium
Telecommunications

3G shutdown delay, watchdog fields multiple complaints

09 Jun 01:02 AM

Why Cambridge is the new home of future-focused design

sponsored
Advertisement
Advertise with NZME.

Latest from Companies

Tourism: Luxon, Upston hope more money gets more attention from China, Australia, US

Tourism: Luxon, Upston hope more money gets more attention from China, Australia, US

09 Jun 07:53 AM

More bounce needed to get tourism numbers back to pre-pandemic levels, PM needed.

Premium
New, never-lived-in Auckland apartment project up for mortgagee sale

New, never-lived-in Auckland apartment project up for mortgagee sale

09 Jun 04:00 AM
Premium
3G shutdown delay, watchdog fields multiple complaints

3G shutdown delay, watchdog fields multiple complaints

09 Jun 01:02 AM
Premium
Small Business Q&A with Willy Benson of PortaSkip

Small Business Q&A with Willy Benson of PortaSkip

Clean water fuelling Pacific futures
sponsored

Clean water fuelling Pacific futures

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • NZ Herald e-editions
  • Daily puzzles & quizzes
  • Manage your digital subscription
  • Manage your print subscription
  • Subscribe to the NZ Herald newspaper
  • Subscribe to Herald Premium
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • What the Actual
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven CarGuide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP