He said the market was always going to give back some of the gains made at the close the day before. “There appeared to be some portfolio reshuffling and some of the larger stocks moved around (price-wise).
“We have had a shot in the arm on the optimism in the United States that interest rates may have peaked. And with the election uncertainty removed, the local market is looking for a positive end to the year,” Sullivan said.
In the United States, the Nasdaq Composite, rising 0.9 per cent to 13,639.86 points, and S&P 500, up 0.28 per cent to 4378.38, notched their longest winning streak since November 2021.
At home, Sky Network Television was down 15c or 5.28 per cent to $2.69 after telling shareholders at the annual meeting it has discontinued discussion with an unidentified third party wanting to make a takeover offer.
Sky TV said “The end of the first quarter sees us firmly on track to deliver on guidance. An exceptional sporting calendar including several world cup events led to an increase in sports penetration and has driven a positive impact on revenue.
The television channel is expecting full-year revenue of $150m-$160, and net profit of $45m-$55m.
Sullivan said Sky TV’s price rose 33 per cent when the takeover bid was announced and “maybe there is some more room for the price to decline. But the company has reinstated its share buy-back.”
The energy sector was mixed. Mercury fell 12c or 1.98 per cent to $5.95; Contact was down 12c to $7.98; and Meridian declined 7.5c to $4.955. But Manawa was up 17c or 3.97 per cent to $4.45, and Vector gained 7c or 1.9 per cent to $3.75.
Mainfreight shed $1.42 or 2.41 per cent to $57.59; Fisher and Paykel Healthcare was down 30c to $22.48; Infratil declined 12.5c to $10.275; and Ebos Group decreased 74c or 1.96 per cent to $37.
Chorus declined 6c to $7.42 following its annual meeting. The telecommunications network company told shareholders that New Zealand was ninth among OECD countries for fibre uptake and it was time to accelerate the copper disconnection discussion.
Vulcan Steel was up 10c to $7.55 after reporting a 9 per cent decline in revenue for the first four months of the 2024 financial year. The company told shareholders at the annual meeting that lead activity indicators for New Zealand were showing some improvement in the second half but the outlook for Australia appears to be weakening.
Vulcan said operating earnings (ebitda) were down 29 per cent due to lower volume, reduced revenue per tonne and increased operational costs because of inflation.
Other decliners were Heartland Group shedding 5c or 2.96 per cent to $1.64; Move Logistics down 3c or 5.17 per cent to 55c; Smartpay falling 17c or 11.89 per cent to $1.26; and CDL Investments decreasing 2.5c or 3.09 per cent to 78.5c.
Takeover target MHM Automation increased 7c or 4.58 per cent to $1.60; Oceania Healthcare collected 4c or 5.8 per cent to 72c; Eroad gained 5c or 7.25 per cent to 74c; Property for Industry improved 6c or 2.79 per cent to $2.21; PaySauce rose 2.5c or 11.9 per cent to 23.5c; and Solution Dynamics added 5c to $3.73.
