"Within the US consumer price index, 70 per cent of the items were up 4 per cent over the past year and that's broad-based inflation pressure which will be hard to stamp out."
Goodson said the local market continued to hold up because shares were over-priced, then fell sharply and were now back within the fair value range.
"The big question is: can you trust the company earnings forecasts? If the business confidence surveys are correct, the forecasts could seem a little high. We will have a very interesting reporting season next month," he said.
Leading stocks Fisher and Paykel Healthcare declined 13c to $21; and Freightways decreased 11c to $9.69.
ANZ Banking Group was down 67c or 2.69 per cent to $24.28, Westpac Banking Corporation declined 46c or 2.06 per cent to $21.89; while Heartland Group Holdings was up 4c or 2.04 per cent to $2.
Fletcher Building increased 12c or 2.39 per cent to $5.14; Port of Tauranga was up 16c or 2.5 per cent to $6.56; Ryman Healthcare improved 24c or 2.73 per cent to $9.04; SkyCity Entertainment collected 4c to $2.68; and Delegat Group rose 30c or 2.74 per cent to $11.25.
Meridian Energy, now the biggest local stock on market capitalisation, was up 7c to $4.86 after S&P Global Ratings increased its corporate credit rating to BBB+ from BBB, reflecting the government's majority ownership.
Auckland International Airport gained 16c or 2.22 per cent to $7.38 as it experienced an increase in passenger volumes – up 19.3 per cent in May and 37.9 per cent in June compared with the same months last year. Total international passengers increased 108.7 per cent and 145.1 per cent.
Skellerup Holdings was up 17c or 3.37 per cent to $5.22 after announcing it has adopted the Environmental, Social and Governance world platform for shareholders and others to review its sustainable practices against global frameworks.
Pushpay Holdings rose 8c or 6.61 per cent to $1.29. There have been large trades worth $9m and $10m in Pushpay this week, and investors are waiting for any takeover news after the US-based donor software management firm told the market it had received some approaches.
Sanford increased 8c or 1.94 per cent to $4.21; Synlait Milk gained 6c to $3.43; and Eroad continued to recover, up 5c or 2.34 per cent to $2.19.
Other gainers were Vital Healthcare Property Trust, up 5c or 1.89 per cent to $2.70; Steel & Tube increasing 3c or 2.31 per cent to $1.33; Ventia Services Group collecting 6c to $2.80; Millennium & Copthorne Hotels New Zealand improving 4c or 1.9 per cent to $2.14; and Bremworth rising 5c or 9.8 per cent to 56c.
Cannasouth rose 3.5c or 9.59 per cent to 40c after signing a three-year deal to supply cannabis flower to leading German distributor WEECO Pharma GMBH.
Decliners included AFT Pharmaceuticals, down 11c or 2.79 per cent to $3.83; Comvita falling 12c or 3.58 per cent to $3.23; Vista Group shedding 4c or 2.33 per cent to $1.68; and NZME decreasing 6c or 4.72 per cent to $1.21.
Transport and logistics software company Trade Window Holdings fell 16c or 15.84 per cent to 85c after completing a $9m placement at 70c a share. Trade Window has now opened its share purchase plan to raise a further $1m at the same discount price.
Blis Technologies, producing advanced probiotic products, is narrowing its operational focus to partnerships with proven industry operators after a disappointing 2022 financial year.
Blis will move away from direct selling to consumers other than in New Zealand and on the US Amazon platform. Revenue for the first quarter of the 2023 financial year was up 29 per cent to $2.3m, with an operating loss of $300,000. Blis' share price was down 0.002c or 6.25per cent to 3c.
Stainless steel fabricator MHM Automation told the market that revenue for the June year will be 10 per cent ahead of the $57m-$60m guidance and operating earnings (ebitda) will be within the range of $4m-$4.5m. MHM has $53.6m worth of work in the pipeline and its share price was unchanged at 65c.
