Record high for A2, low for Metro Glass as market sinks

Metro Performance Glass chairman Sir John Goulter. Photo / Richard Robinson

New Zealand shares fell, with Metro Performance Glass dropping to a record low while A2 Milk and Comvita rose on continued optimism following their earnings.

The S&P/NZX 50 index fell 10.6 points, or 0.1 per cent, to 7857.81. Within the index, 28 stocks dropped, 14 rose and eight were unchanged. Turnover was $167 million.

"It was a pretty stagnant market, no real leads from offshore," said Grant Williamson, investment adviser at Hamilton Hindin Greene. "The market is obviously digesting a number of reports from various companies."

Metro Glass led the index lower for the second day in a row, falling 8.9 per cent to a record low $1.13. On Thursday, the company said it expected its first-half results to be largely flat.

Ryman Healthcare fell 1.7 per cent to $9.25 and Vista Group International declined 1.5 per cent to $5.42.

A2 Milk gained 4.9 per cent to $5.74, a fresh record. On Wednesday the milk marketer announced it had tripled its annual profit to $90.6 million, would use some of its accumulated cash to buy back shares, and might pay a special dividend.

"You can't keep a good thing down - some analysts are putting higher target prices on the stock, and it's continuing to create demand," Williamson said.

"A lot of that is coming out of Australia ... the share price has more than doubled this year and it's been a real winner for investors."

Comvita gained 4.4 per cent to $7.20. It began gaining on Tuesday after beating full-year guidance and announcing it expected to return to an operating profit in the current financial year.

"Confidence has returned following its result and positive outlook. That share price had been savaged and it lost a lot of ground in a very short time," Williamson said.

Port of Tauranga rose 2.2 per cent to $4.56. New Zealand's biggest port company yesterday posted a 7.9 per cent gain in annual profit to $83.4m, at the top of its guidance.

Outside the benchmark index, Evolve Education dropped 2.7 per cent to 73c. Chief executive Alan Wham has resigned and will leave in September. The early childhood education centre operator last week warned annual profit would fall as much as 12 per cent in the current year.

Fliway Group fell 3.5 per cent to $1.11. Its annual profit came in at the top end of guidance, sliding 31 per cent to $3.9m, as an operational restructure in response to a major customer loss and mounting freight costs from last year's Kaikoura earthquake arrested the decline.

Wellington Drive Technologies declined 2.3 per cent to 21c. It edged closer to a long-awaited profitability as first-half sales climbed and margins improved, although the board gave a warning over cash constraints.