Market close: Local shares steady despite worldwide uncertainty

More shipping delays may be ahead because of lockdowns in China. Photo / John Borren

The New Zealand sharemarket put in a steady performance in the face of new uncertainties – rising bond yields and a lockdown in China's technology and manufacturing hub Shenzhen that could put further pressure on the global supply chain.

The S&P/NZX 50 had a bumpy ride but closed almost flat – down 3.37 points or 0.03 per cent to 11,801.73 after reaching an intraday high of 11,841.75 and low of 11,790.27.

There were 48 gainers and 90 decliners across the whole market on a healthy volume of 55.16 million share transactions valued at $215.30m, with $42m worth of Z Energy shares being traded.

Matt Goodson, managing director of Salt Funds Management, said the market was choppy but it was fortunate not to have direct exposure to what is going on in Europe.

"There are continued headwinds with higher bond yields and central banks having to tighten monetary policies. Markets are now concerned about Covid lockdowns in China, especially Shenzhen and its massive Yantian port. This puts Australian resources stocks under pressure," Goodson said.

Shenzhen, with the world's fourth-largest port, produces consumer products ranging from cars to iPhones and electronics, and commentators said the lockdown for at least a week will cause shipping delays and continue to harm supply chains.

The technology-laden Nasdaq Composite fell 2.04 per cent to 12,581.22 points overnight and the Australian S&P/ASX 200 Index was down 0.67 per cent to 7101.5 points at 6pm NZ time.

In the resources sector BHP had fallen 4.2 per cent to A$45.37 (NZ$48.35) and Fortescue Metals Group 4.5 per cent to A$17.22 (NZ$18.34).

The United States 10-Year Treasury Note yield settled at 2.164 per cent, up 2.1 basis points after rising 18 points overnight. The New Zealand 10-Year Government Bond yield increased 9.3 points to 3.118 per cent.

There was relief at the petrol pumps through the government's fuel tax reduction, and the oil price fell further, going under US$100 a barrel and trading nearly US$97 at 6pm NZ time.

Market heavyweights Fisher and Paykel Healthcare gained 12c to $27, Mainfreight increased $1 to $77; and Auckland International Airport was up 9c to $7.28.

Fletcher Building gained 7c to $6.54; Summerset Group Holdings increased 14c to $11.30; and Skellerup Holdings recovered 17c or 3.24 per cent to $5.41 after chief executive David Mair sold part of his shareholding in the company.

Pushpay Holdings rose 8c or 7.84 per cent to $1.10 after narrowing its full-year operating earnings guidance to US$61.5m (NZ$91.17)-US$63.5m ($94.14), from US$60m-$65m.

Pushpay told the market it is experiencing growth in each month of the 2022 financial year and processing volume for the 11 months ended February 28 was up 10 per cent compared with the previous corresponding period.

Tourism Holdings rose 15c or 5.79 per cent to $2.74; Vital Healthcare Property Trust gained 5c to $3.165; and Green Cross Health was up 7c or 5.74 per cent to $1.29.

EBOS Group, which joins the FTSE Russell Large Cap Index on Friday, was down 98c or 2.58 per cent to $37.01; Contact Energy fell 9c to $7.79; a2 Milk slipped 8c to $5.48; Freightways declined 13c to $11.30; and Ryman Healthcare decreased 11c to $9.45.

Port of Tauranga hit a near two-year low, falling 14c or 2.28 per cent to $6 – close to the level of $5.97 set on March 20, 2020. South Port New Zealand was up 23c or 2.83 per cent to $8.35.

Other decliners were Air New Zealand, down 3c or 2.13 per cent to $1.38; Harmoney plunged 13c or 8.07 per cent to $1.48; Vulcan Steel dropped 21c or 2.23 per cent to $9.19; Serko decreased 11c or 2.31 per cent to $4.66; and Gentrack shed 8c or 14.85 per cent to $1.57.

Retailer Michael Hill International fell 7c or 5.47 per cent to $1.21, and Hallenstein Glasson declined 8c to $5.82. NZME was down 3c or 2.16 per cent to $1.36, and Winton Land decreased 9c or 2.65 per cent to $3.30.

Goodman Property Trust was down 2.5c to $2.34. Its manager Goodman (NZ) earlier told the market that the trust's main bank facility has been increased to $570m, from $400m, to help fund a record level of development and investment activity.

NZX has completed its retail offer, raising $10m from 34 per cent of eligible shareholders. NZX will now complete a bookbuild of the retail shortfall, and it had earlier raised $16m through an institutional offer. NZX's share price was unchanged at $1.38.