NZ Herald
  • Home
  • Latest news
  • Herald NOW
  • Video
  • New Zealand
  • Sport
  • World
  • Business
  • Entertainment
  • Podcasts
  • Quizzes
  • Opinion
  • Lifestyle
  • Travel
  • Viva
  • Weather

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • New Zealand
    • All New Zealand
    • Crime
    • Politics
    • Education
    • Open Justice
    • Scam Update
  • Herald NOW
  • On The Up
  • World
    • All World
    • Australia
    • Asia
    • UK
    • United States
    • Middle East
    • Europe
    • Pacific
  • Business
    • All Business
    • MarketsSharesCurrencyCommoditiesStock TakesCrypto
    • Markets with Madison
    • Media Insider
    • Business analysis
    • Personal financeKiwiSaverInterest ratesTaxInvestment
    • EconomyInflationGDPOfficial cash rateEmployment
    • Small business
    • Business reportsMood of the BoardroomProject AucklandSustainable business and financeCapital markets reportAgribusiness reportInfrastructure reportDynamic business
    • Deloitte Top 200 Awards
    • CompaniesAged CareAgribusinessAirlinesBanking and financeConstructionEnergyFreight and logisticsHealthcareManufacturingMedia and MarketingRetailTelecommunicationsTourism
  • Opinion
    • All Opinion
    • Analysis
    • Editorials
    • Business analysis
    • Premium opinion
    • Letters to the editor
  • Politics
  • Sport
    • All Sport
    • OlympicsParalympics
    • RugbySuper RugbyNPCAll BlacksBlack FernsRugby sevensSchool rugby
    • CricketBlack CapsWhite Ferns
    • Racing
    • NetballSilver Ferns
    • LeagueWarriorsNRL
    • FootballWellington PhoenixAuckland FCAll WhitesFootball FernsEnglish Premier League
    • GolfNZ Open
    • MotorsportFormula 1
    • Boxing
    • UFC
    • BasketballNBABreakersTall BlacksTall Ferns
    • Tennis
    • Cycling
    • Athletics
    • SailingAmerica's CupSailGP
    • Rowing
  • Lifestyle
    • All Lifestyle
    • Viva - Food, fashion & beauty
    • Society Insider
    • Royals
    • Sex & relationships
    • Food & drinkRecipesRecipe collectionsRestaurant reviewsRestaurant bookings
    • Health & wellbeing
    • Fashion & beauty
    • Pets & animals
    • The Selection - Shop the trendsShop fashionShop beautyShop entertainmentShop giftsShop home & living
    • Milford's Investing Place
  • Entertainment
    • All Entertainment
    • TV
    • MoviesMovie reviews
    • MusicMusic reviews
    • BooksBook reviews
    • Culture
    • ReviewsBook reviewsMovie reviewsMusic reviewsRestaurant reviews
  • Travel
    • All Travel
    • News
    • New ZealandNorthlandAucklandWellingtonCanterburyOtago / QueenstownNelson-TasmanBest NZ beaches
    • International travelAustraliaPacific IslandsEuropeUKUSAAfricaAsia
    • Rail holidays
    • Cruise holidays
    • Ski holidays
    • Luxury travel
    • Adventure travel
  • Kāhu Māori news
  • Environment
    • All Environment
    • Our Green Future
  • Talanoa Pacific news
  • Property
    • All Property
    • Property Insider
    • Interest rates tracker
    • Residential property listings
    • Commercial property listings
  • Health
  • Technology
    • All Technology
    • AI
    • Social media
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
    • Opinion
    • Audio & podcasts
  • Weather forecasts
    • All Weather forecasts
    • Kaitaia
    • Whangārei
    • Dargaville
    • Auckland
    • Thames
    • Tauranga
    • Hamilton
    • Whakatāne
    • Rotorua
    • Tokoroa
    • Te Kuiti
    • Taumaranui
    • Taupō
    • Gisborne
    • New Plymouth
    • Napier
    • Hastings
    • Dannevirke
    • Whanganui
    • Palmerston North
    • Levin
    • Paraparaumu
    • Masterton
    • Wellington
    • Motueka
    • Nelson
    • Blenheim
    • Westport
    • Reefton
    • Kaikōura
    • Greymouth
    • Hokitika
    • Christchurch
    • Ashburton
    • Timaru
    • Wānaka
    • Oamaru
    • Queenstown
    • Dunedin
    • Gore
    • Invercargill
  • Meet the journalists
  • Promotions & competitions
  • OneRoof property listings
  • Driven car news

Puzzles & Quizzes

  • Puzzles
    • All Puzzles
    • Sudoku
    • Code Cracker
    • Crosswords
    • Cryptic crossword
    • Wordsearch
  • Quizzes
    • All Quizzes
    • Morning quiz
    • Afternoon quiz
    • Sports quiz

Regions

  • Northland
    • All Northland
    • Far North
    • Kaitaia
    • Kerikeri
    • Kaikohe
    • Bay of Islands
    • Whangarei
    • Dargaville
    • Kaipara
    • Mangawhai
  • Auckland
  • Waikato
    • All Waikato
    • Hamilton
    • Coromandel & Hauraki
    • Matamata & Piako
    • Cambridge
    • Te Awamutu
    • Tokoroa & South Waikato
    • Taupō & Tūrangi
  • Bay of Plenty
    • All Bay of Plenty
    • Katikati
    • Tauranga
    • Mount Maunganui
    • Pāpāmoa
    • Te Puke
    • Whakatāne
  • Rotorua
  • Hawke's Bay
    • All Hawke's Bay
    • Napier
    • Hastings
    • Havelock North
    • Central Hawke's Bay
    • Wairoa
  • Taranaki
    • All Taranaki
    • Stratford
    • New Plymouth
    • Hāwera
  • Manawatū - Whanganui
    • All Manawatū - Whanganui
    • Whanganui
    • Palmerston North
    • Manawatū
    • Tararua
    • Horowhenua
  • Wellington
    • All Wellington
    • Kapiti
    • Wairarapa
    • Upper Hutt
    • Lower Hutt
  • Nelson & Tasman
    • All Nelson & Tasman
    • Motueka
    • Nelson
    • Tasman
  • Marlborough
  • West Coast
  • Canterbury
    • All Canterbury
    • Kaikōura
    • Christchurch
    • Ashburton
    • Timaru
  • Otago
    • All Otago
    • Oamaru
    • Dunedin
    • Balclutha
    • Alexandra
    • Queenstown
    • Wanaka
  • Southland
    • All Southland
    • Invercargill
    • Gore
    • Stewart Island
  • Gisborne

Media

  • Video
    • All Video
    • NZ news video
    • Herald NOW
    • Business news video
    • Politics news video
    • Sport video
    • World news video
    • Lifestyle video
    • Entertainment video
    • Travel video
    • Markets with Madison
    • Kea Kids news
  • Podcasts
    • All Podcasts
    • The Front Page
    • On the Tiles
    • Ask me Anything
    • The Little Things
  • Cartoons
  • Photo galleries
  • Today's Paper - E-editions
  • Photo sales
  • Classifieds

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / Business / Markets

Market close: NZ shares edge lower to end the week

NZME.
23 Jun, 2023 06:17 AM5 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

    Reminder, this is a Premium article and requires a subscription to read.

Photo / NZME

Photo / NZME

New Zealand’s sharemarket went into the weekend on a flat note as investors chewed over the big news of the week which included companies cutting guidance and some dramatic share price movements.

The S&P/NZX 50 Index fell 1.5 points, or 0.01 per cent, to 11,737.55.

Turnover on the entire market was $119.2 million and 49 stocks rose while 74 fell.

Octagon’s chief investment officer Paul Robertshawe said the market had been quiet on Friday with little news after Thursday was dominated by ERoad’s share jump and Pacific Edge’s decline yesterday.

ERoad ended the day flat at $1.23 per share after leaping almost 60 per cent, or 46 cents, yesterday over the news of its takeover bid offer at $1.30 a share.

Advertisement
Advertise with NZME.

Robertshawe thought ERoad’s share price could have gone 20 per cent higher today but the stock had edged up only slightly.

The company sells vehicle fleet tracking and management software and is dual-listed on the ASX and NZX.

Rakon fell 2 cents, or 2.2 per cent, to 90 cents after the tech firm said its board had approved a dividend reinvestment plan. The plan will apply to Rakon’s 1.5 cent per share dividend which was announced in late May.

Advertisement
Advertise with NZME.

In a letter to shareholders, chair Lorraine Witten said the plan offered shareholders the opportunity to reinvest the net proceeds of all or part of their cash dividends in additional shares, without paying any brokerage fees.

Serko fell 13 cents, or 3.6 per cent, to $3.47. Joydip Das was announced as the company’s new chief product officer. Das was previously the chief product officer of Iress, a financial services software firm based in Australia.

In another staff appointment, telco Spark also told the market it had appointed Renee Mateparae to the role of network and operations director, and part of Spark’s leadership team. Spark was up 3 cents, or 0.6 per cent, to $5.12.

My Food Bag was flat at 18.5 cents per share after confirming that its delisting application from the ASX had been accepted. My Food Bag’s ASX shares will be taken off the official list of the ASX at the end of Friday trading.

Oceania Healthcare was down 1 cent, or 1.3 per cent, to 74 cents, Summerset rose 1 cent, or 0.1 per cent, to $9.56 and Ryman Healthcare was flat at $6.50 per share.

Pacific Edge, which fell 14 per cent yesterday in response to the cancer diagnostics firm’s annual report, edged down half a cent or 1.4 per cent to 7.2 cents.

Rural Land Co was flat at 89 cents after it held its annual meeting today, with Rob Campbell, Christopher Swasbrook and Sarah Kennedy re-elected as directors to its board.

Campbell, who is also Rural Land Co’s independent chair, thanked investors during his speech for being “supportive” of the listed rural landlord journey so far.

Advertisement
Advertise with NZME.

“A little patience goes a long way in this world and we all believe this will be rewarded in the years ahead as NZL continues to increase its scale and earnings,” he said.

He also told attendees that RLC is confident in having PwC NZ as their auditors – despite the scandal surrounding the Australian arm of the advisory firm.

Fonterra Shareholders’ Fund Units were down 3 cents, or 0.9 per cent, to $3.50, Synlait Milk fell 2 cents, or 1.2 per cent, to $1.66 and A2 Milk was down 7 cents, or 1.3 per cent, to $5.37.

Fonterra is exploring an NZ Steel-style deal to decarbonise its industrial heat processes, with an enormous request in the market for electricity supply later this decade.

Industry sources told BusinessDesk that Fonterra has a request for proposals (RFP) for 1.3 terawatt hours of new electricity, for delivery in 2026 or 2027.

Robertshawe said Fonterra’s electricity tender could accelerate discussions between Tiwai Point aluminium smelter and electricity generators.

“If there is a really viable alternative that should encourage the aluminium smelter to make up its mind a bit quicker,” he said.

“It might sharpen their pencil.”

Contact Energy was up 7 cents, or 0.8 per cent, to $8, Meridian Energy was down 3 cents, or 0.6 per cent, to $5.40, while Mercury rose 3 cents, or 0.5 per cent, to $6.41.

Genesis Energy edged down 1.5 cents, or 0.6 per cent cents, to $2.725 and Manawa Energy up 1 cent, or 0.2 per cent, to $4.75.

Winton Land rose 4 cents, or 2 per cent, to $1.85. The property developer told the market yesterday that Steven Joyce, a former finance minister and MP between 2008 and 2018, had joined its board.

Other gainers today were Comvita which edged up 8 cents, or 2.9 per cent, to $2.88 and Fletcher Building up 5 cents, or 1 per cent, to $5.26.

Amongst the decliners were ANZ Group, falling $1.01, or 3.9 per cent, to $24.73, Tourism Holdings was down 7 cents, or 1.9 per cent, to $3.70, and Westpac fell 82 cents, or 3.5 per cent, to $22.49.

The NZ dollar was trading at 61.68 US cents at 3pm in Wellington, from 62.18c on Thursday.

Save

    Share this article

    Reminder, this is a Premium article and requires a subscription to read.

Latest from Markets

Premium
Shares

Market close: SkyCity loses spot on the 20

10 Jun 05:56 AM
Premium
Technology

Tech Insider: A $529 phone, bought in March, can only make 3G calls; IRD’s AI warning; Musk’s pain is Beck’s gain; a self-employed Wellington man scores a $16K Google Cloud refund

10 Jun 03:14 AM
Premium
Shares

Market close: Index reshuffle lifts Briscoe Group

09 Jun 05:57 AM

Why Cambridge is the new home of future-focused design

sponsored
Advertisement
Advertise with NZME.

Latest from Markets

Premium
Market close: SkyCity loses spot on the 20

Market close: SkyCity loses spot on the 20

10 Jun 05:56 AM

Scales Corporation shares are up after it upgraded guidance.

Premium
Tech Insider: A $529 phone, bought in March, can only make 3G calls; IRD’s AI warning; Musk’s pain is Beck’s gain; a self-employed Wellington man scores a $16K Google Cloud refund

Tech Insider: A $529 phone, bought in March, can only make 3G calls; IRD’s AI warning; Musk’s pain is Beck’s gain; a self-employed Wellington man scores a $16K Google Cloud refund

10 Jun 03:14 AM
Premium
Market close: Index reshuffle lifts Briscoe Group

Market close: Index reshuffle lifts Briscoe Group

09 Jun 05:57 AM
Premium
NZ's power system well-placed for winter - analyst

NZ's power system well-placed for winter - analyst

08 Jun 11:00 PM
Clean water fuelling Pacific futures
sponsored

Clean water fuelling Pacific futures

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • NZ Herald e-editions
  • Daily puzzles & quizzes
  • Manage your digital subscription
  • Manage your print subscription
  • Subscribe to the NZ Herald newspaper
  • Subscribe to Herald Premium
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • What the Actual
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven CarGuide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP