Recently, renewables business Longroad has re-capitalised including taking on a new shareholder Munich Re with 12 per cent, and the independent valuation of Infratil's stake has increased from US$220m ($361.47m) to US$800m ($1.3 billion).
Jeremy Sullivan, investment adviser with Hamilton Hindin Greene, said everyone has been focused on inflation and interest rates and where they are heading. In New Zealand there has been a flight to safety.
"Infratil is seen as a defensive stock with a great track record. The leading energy companies are also seen as defensive and had a good day."
Contact was up 8c to $8.02; Mercury gained 7.5c to $6.085; Meridian increased 2c to $5; and Manawa (formerly Trustpower) increased 2c to $5.96. Vector was down 10c or 2.14 per cent to $4.57.
The Reserve Bank of Australia is about to hold its next meeting and is expected to hike interest rates by 50 basis points, even though the country's house prices are falling at their fastest rate in 30 years.
With United States celebrating their Labour Day public holiday overnight, there will be little direction for markets from those shores. The leading indices have just come through a difficult period.
The Dow Jones Industrial Average fell 3 per cent last week; S&P 500 declined 3.3 per cent and the technology-laded Nasdaq Composite tumbled 4.2 per cent. It was the third straight week of losses for the indices.
Commodity prices continue to fall with the ANZ World Index down 3.3 per cent in August. Global shipping prices are also falling with the Baltic Dry Index down nearly 50 per cent last month, though still well above pre-pandemic levels.
ANZ Agri Economist Susan Kilsby said global shipping demand appears to be easing, which will take some of the pressure off the industry, but it also indicates global demand for goods is falling.
In the latest NZX statistics, total trades in August fell 40.4 per cent to 784.74m compared with the same month last year and on-market value was down 34.1 per cent to $1.636 billion. However, NZX's funds under administration have increased 27.7 per cent to $10.28b.
Fisher and Paykel Healthcare dragged the market down, falling 44c or 2.22 per cent to $19.35; and a2 Milk declined 8c to $6.37.
The retirement village operators were weaker, with Summerset Group Holdings down 10.3c to $10.90; Ryman Healthcare declining 17c or 1.88 per cent to $8.88; and Oceania Healthcare decreasing 3c or 3 per cent to 97c.
Spark will be joining the S&P/ASX 200 Index on September 19 and Ventia Services Group is being added to the ASX 300. Spark was up 5c to $5.43, and Ventia unchanged at $3.17.
Restaurant Brands increased 16c or 1.99 per cent to $8.21; Pacific Edge was up 3c or 6.52 per cent to 49c; Winton Land gained 7c or 2.61 per cent to $2.75; and NZME added 6c or 4.84 per cent to $1.30.
Briscoe Group gained 7c to $5.35; Scott Technology increased 7c or 2.49 per cent to $2.88; Vital Healthcare Property Trust – another defensive stock - added 4.5c to $2.745; and Marsden Maritime Holdings was up 11c or 1.87 per cent to $6.
Other decliners were Vulcan Steel down 42c or 4.75 per cent to $8.43; Vista Group decreasing 4c or 2.23 per cent to $1.75; KMD Brands falling 4c or 3.74 per cent to $1.03; and SkyCity Entertainment down 4c to $2.81.
Turners Automotive decreased 9c or 2.4 per cent to $3.66; Bremworth was down 4c or 6.67 per cent to 56c; and Solution Dynamics shed 7c or 2.72 per cent to $2.50.
