Market close: Rocky day for NZ shares ends Russia Ukraine inflation-troubled week

The New Zealand sharemarket closed the week more than 2.5 per cent down. Photo / NZME

The New Zealand sharemarket closed the week more than 2.5 per cent down troubled by the same uncertainties: how will the Russian invasion of Ukraine really pan out and how will central banks now deal to rising inflation with slowing economic growth.

The S&P/NZX 50 Index had a rocky day, reaching an intraday high of 11,933.35 but finishing at 11,821.38, a fall of 104.88 points or 0.88 per cent. The index fell 2.63 per cent for the week.

There were 101 decliners and 37 gainers over the whole market, with 56.58 million shares worth $209.92 million changing hands. The volume was boosted by the trade of 23.84 million shares worth $86.96m in Z Energy, under takeover by Ampol.

The latest round of the peace talks broke down after just 90 minutes, with Ukraine's Foreign Minister saying that Russian leaders in Moscow "live in their own reality".

Crude oil prices fell to US$103.75 a barrel, but the worry about inflation was reinforced when the consumer price index in the United States hit 7.9 per cent in February, the highest level since 1982.

Matt Goodson, managing director of Salt Funds Management, said inflation was close to its peak but the problem is whether it will settle above or below the targeted rates of the central banks. Wars are inflationary.

"There are a series of headwinds. The ASB Housing Confidence indicator for buying homes [in New Zealand] was the weakest in the 26 years of the survey because of rising mortgage rates and tight supply," he said.

Market leader Fisher and Paykel Healthcare was down 14c to $27.13; Mainfreight fell $2.30 or 2.94 per cent to $76; Vital Healthcare Property Trust declined 6.5c or 2.02 per cent to $3.16; a2 Milk shed 12c or 2.08 per cent to $5.65; and Infratil decreased 19.5c or 2.38 per cent to $8.005.

Coincidentally, it wasn't a good day for the stocks whose name starts with S. Spark was down 9c or 1.92 per cent to $4.60; Summerset Group Holdings declined 25c or 2.16 per cent to $11.30; Skellerup Holdings shed 3c to $5.39; and SkyCity Entertainment also decreased 3c to $2.81. Synlait Milk was down 5c to $3.25; and Seeka declined 1c to $5.

Napier Port gave back 7c or 2.33 per cent to $2.93; Marsden Maritime Holdings fell 20c or 3.28 per cent to $5.90; EROAD shed 15c or 3.88 per cent to $3.72; My Food Bag was down 5c or 5.01 per cent to 93c; and Tourism Holdings fell 7c 2.77 per cent to $2.46.

NZME declined 3c or 2.11 per cent to $1.39; Pacific Edge decreased 3c or 3.23 per cent to 90c; Restaurant Brands was down 35c or 2.4 per cent to $14.25; and Ventia Services Group shed 6c or 2.34 per cent to $2.50.

Z Energy was down 4c to $3.63. In recent substantial holding notices, Morgan Stanley reduced its stake in Z Energy from 6.34 per cent to 5.14 per cent, and UBS Group AG increased its shareholding from 6.33 per cent to 7.37 per cent.

Turners Automotive increased 7c to $4.07, after upgrading its pre-tax profit for the year ending March to a record $42m-$43m, from $40m-$42m. Turners expects to pay a full-year dividend of at least 23c a share, up from 22c.

Vector Energy was up 8c or 2.16 per cent to $3.78; Ryman Healthcare increased 5c to $9.50; Port of Tauranga picked up 5c to $6.20; Rakon gained 4c or 2.36 per cent to $1.72; Accordant Group collected 4c or 2.2 per cent to $1.86; and Carbon Fund rose 6c or 2.87 per cent to $2.15.

In the United States, Amazon climbed 5.41 per cent to US$2936.35 ($4285.82) after announcing it is having a 20 for one share split on June 6 to make the stock more affordable. Its last share split was in September 1999, and it will be buying back up to US$10 billion worth of shares.