Market close: Sharemarket claws back some of the week's losses

The index fell less than 1 per cent for the week. Photo / NZME

The New Zealand sharemarket finished the week with a comforting gain after a mixed day from the leading stocks – and Fisher & Paykel Healthcare began to settle.

Following a strong rise in the last half-hour matching session, the S&P/NZX 50 was up 37.38 points or 0.31 per cent to 12,055 after reaching an intraday low of 11,987.49.

The index fell less than 1 per cent for the week, and it has staged a solid rebound this month, having reached 11,744.95 points on March 8.

There were 85 gainers and 53 decliners over the whole market, with 32.95 million shares worth $170.12 million changing hands.

Shane Solly, portfolio manager with Harbour Asset Management, said the market was a little anxious about some profit results and earnings downgrade in Australia and New Zealand, and a dampening in economic activity.

"It's a reminder to investors that companies are under pressure from increased labour and energy costs, and supply chain. Those companies that have pricing power (increasing prices) can still do okay, and the travel and tourism sector is having a lift with the changes in Covid protocols," Solly said.

Market leader Fisher & Paykel Healthcare finished its worst week in more than two years, declining 11c to $24.41 on trade worth $34.64m. Its share price fell more than 12 per cent after providing a warning of slowing revenue.

Among the blue chips, Contact Energy was down 11c to $7.95; Meridian decreased 12c or 2.33 per cent to $5.04; Spark declined 5.5c to $4.655; and Ryman Healthcare, under cost pressures, fell 25c or 2.55 per cent to $9.57.

Fletcher Building reached a year's low of $6.21 after falling 5c to $6.23. Solly said the slowing residential activity is not helping Fletcher, with the Reserve Bank taking the heat out of the market with its rate rises.

Mainfreight and EBOS Group – two companies that can increase prices – rose $3.76 or 4.7 per cent to $83.79, and 86c or 2.22 per cent to $39.55 respectively.

Auckland International Airport, about to get busier, increased 16c or 2.07 per cent to $7.90; Tourism Holdings was up 8c or 2.83 per cent to $2.91; Serko gained 5c to $4.60; and Millennium & Copthorne Hotels New Zealand collected 10c or 4.37 per cent to $2.39.

Tourism Holdings told the market the Commerce Commission has cleared the sale of the Mighway and SHAREaCAMPER businesses to Camplify Holdings for A$7.37m ($7.94m).

Broadcaster and publisher NZME climbed 12c or 7.84 per cent to a high of $1.65 after telling the market its earnings for the 2022 financial year are expected to be $67m-$72m, up from $66m in the previous year.

NZME has also signed a letter of intent with Google setting out the terms of payments for supplying the tech giant with news content on the digital platforms. NZME is also having commercial discussions with Facebook (Meta).

Clothing retailer Hallenstein Glasson declined 24c or 3.64 per cent to $6.36 after reporting a 40 per cent fall in net profit to $11.91m on revenue of $170.63m, down 6.2 per cent, for the six months ending February 1. It is paying an interim dividend of 18c a share on April 15.

Hallenstein Glasson, which lost 5432 trading days, increased its gross margin from 56.5 per cent to 57.9 per cent because of better prices from suppliers. Group sales for the first seven weeks of the winter season are 0.5 per cent ahead of the same period last year but trading remains challenging.

Greg Main, Jarden Wealth Management adviser, said retailers lately have been under the pump with supply chain challenges and Covid impact. They will be hoping the change in Covid protocols will bring people back into the city centres – but that will still take a few weeks to unwind.

Other gainers were Infratil, collecting 17c or 2.11 per cent to $8.24; DGL Group rising 20c or 6.27 per cent to $3.39; Accordant Group increasing 8c or 4.19 per cent to $1.99; Arvida up 4c or 2.41 per cent to $1.70; and Rakon improving 4c or 2.4 per cent to $1.71.

My Food Bag continued its slide, down 4c or 4.35 per cent to 88c; Harmoney declined 4c or 2.67 per cent to $1.46; and Scott Technology decreased 8c or 2.56 per cent to $3.05.

Z Energy shareholders voted 98.73 per cent in favour of the $2 billion takeover by Australian fuel distributor Ampol at $3.76 a share. Z Energy's share price was up 1c to $3.74.

Good Spirits Hospitality was up 0.003c or 4.11 per cent to 7.6c after obtaining a waiver from its lender Pacific Dawn for interest payable for the quarter ending March. The unpaid interest will be added to the outstanding loan.