Market close: NZ market goes against global run of play

Wine exporter Delegat Group enjoyed the festive season with a 20c or 2.04 per cent rise to $10. Photo / File

A late fall in the last half hour matching session blemished an otherwise productive day for New Zealand shares that were defying the weaker markets overseas.

On another day of low volumes and choppy trading, the S&P/NZX 50 Index finished flat at 11,538.45, down just 0.86 points or 0.01 per cent. The index hit an intraday high of 11,575.37 and low of 11,533.19 points.

There were 44 gainers and 79 decliners over the whole market with 13.86 million shares worth $60.73 million changing hands.

Shane Solly, portfolio manager with Harbour Asset Management, said the local market has gone against the run of play globally.

“We often get an end-of-year rally and we will see if that eventuates. Trading volumes are light and it doesn’t take much to move stocks around.”

Solly said there was still some concern about the China reopening and the increasing Covid cases, with some countries putting testing restraints in place.

“Healthcare stocks such as Ebos, and even property, had another good day and they are good defensive places to be in if we get more Covid cases globally,” he said.

The Covid concern scared the United States markets, with the Dow Jones Industrial Average down 1.1 per cent to 32,875.71 points; S&P 500 declining 1.2 per cent to 3783.22; and Nasdaq Composite falling 1.35 per cent to 10,213.29.

The Nasdaq is down more than 10 per cent this month – its worst December on record – and one of its leading stocks Apple declined 3.1 per cent to US$126.04 (NZ$199.39).

The US 10 Year Treasury Note yield reached 3.8 per cent, its highest since mid-November.

Across the Tasman, the S&P/ASX 200 Index had fallen 0.97 per cent to 7017.4 points at 6pm NZ time.

There was a media report in Australia speculating that Fletcher Building, down 4c to $4.70, was preparing a takeover bid for building supplies company CSR, which has a market capitalisation of A$2.2 billion (NZ$2.34b). Fletcher’s market cap is $3.7b.

Market leaders Meridian was up 8c to $5.35; Contact gained 3c to $7.85; and Ebos Group increased 23c to $44.12.

Vector was up 11c or 2.71 per cent to $4.17, Infratil gained 4c to $8.645; Manawa Energy increased 11c or 2.26 per cent to $4.97 on trade of 12,600 shares; and Mercury was down 4c to $5.60.

Property stocks Investore increased 3c or 2.04 per cent to $1.50, Stride added 2c to $1.45; and Kiwi gained 2c or 2.2 per cent to 93c.

Wine exporter Delegat Group enjoyed the festive season with a 20c or 2.04 per cent rise to $10. Move Logistics increased 5c or 4.76 per cent to $1.10; and ArborGen was up 1c or 4.55 per cent to 23c.

Woollen carpet maker Bremworth was up 2c or 4.44 per cent to 47c; New Zealand Oil & Gas increased 1c or 3.57 per cent to 43.5c; MHM Automation gained 3c or 3.26 per cent to 95c; and Chatham Rock Phosphate added 0;.005c or 2.13 per cent to 24c.

Auckland International Airport was down 5c to $8.03; Air New Zealand decreased 1c to 75.5c; Westpac fell 62c or 2.47 per cent to $24.50; Restaurant Brands declined 8c to $5.80; Serko fell 11c or 4.62 per cent to $2.27; and Ventia Services shed 7c or 2.5 per cent to $2.73.

Napier Port was down 6c or 2.09 per cent to $2.81; South Port NZ shed 35c or 4.27 per cent to $7.85; PGG Wrightson declined 10c or 2.27 per cent to $4.30; and Livestock Improvement Corporation decreased 5c or 3.85 per cent to $1.25.

Third Age Health Services was down 3c or 1.83 per cent to $1.61; Gentrack declined 7c or 2.69 per cent to $2.53; Rakon decreased 2c or 1.94 per cent to $1.01; Winton Land shed 4c or 2.35 per cent to $1.66; and Rua Bioscience was down 1c or 4.35 per cent to 22c.