Fisher and Paykel Healthcare powers NZ sharemarket higher - Market close

Shares in Fisher and Paykel Healthcare closed at their second-highest level today, which helped lift the overall New Zealand sharemarket. Photo / Supplied

The New Zealand sharemarket ended a strong week with a gain of more than 1.8%, erasing the year’s earlier losses, and powered by heavyweight Fisher and Paykel Healthcare as it neared a record high.

The S&P/NZX 50 Index kept marching ahead all day and closed at 13,130.43, up 129.76 points or 1%. The index rose 1.81% for the week and is now ahead 0.5% for the year after falling as much as 1.5% last week.

Volumes improved with 37.29 million shares worth $136.1m changing hands.

Mark Lister, investment director with Craigs Investment Partners, said: “We had a rocky start to the year but with the United States economy proving to be very strong and their reporting season getting off to a good start, the markets have become more comfortable.

“We don’t have much news flow locally and our market is beholden to international moves at the moment. But this could change with the New Zealand Consumers' Price Index next week and the unemployment numbers early next month.

“The data will show how our economy is playing out (annual inflation is expected to remain stuck on 2.2%) and probably cement another 50-basis-point cut in the Official Cash Rate by the Reserve Bank,” said Lister.

“We will then be in the thick of our reporting season.

“My glass is half-full as far as the year pans out for the market, with more ups and downs.”

Market leader Fisher and Paykel Healthcare rose $1.05 or 2.77% to $38.90, its second-highest close. The medical devices manufacturer, which has a 15% weighting on the NZX, touched $39.21 on November 25.

Lister said Fisher and Paykel is “our version of the technology sector in the US. Where they go, the market goes with them. Fisher and Paykel plays such a dominant part in our market.”

He said Fisher and Paykel traded around $37 when it was doing well during the Covid pandemic before returning to normal business. “To be trading above Covid-highs at more than $38 is quite stunning. Fisher and Paykel is a beneficiary of the weaker NZ dollar.”

Ebos Group gained 33c to $36.93; Auckland International Airport was up 9.5c to $8.67; another exporter a2 Milk climbed a further 20c or 3.17% to $6.50; Spark increased 5c to $3; Gentrack added 20c to $12.30; and Fletcher Building was up 5c or 1.76% to $2.89.

In the energy sector; Meridian increased 10c to $6.04; Mercury gained 7c to $6; Contact collected 7c to $9.67; and Vector was up 11c or 2.73% to $4.14.

Kiwifruit grower Seeka gained 7c or 2.08% to $3.43; Santana Minerals was up 1.5c or 3% to 51.5c; Synlait Milk collected 1c or 2.44% to 42c; Marlin Global added 3c or 3.16% to 98c; and Foley Wines increased 3c or 5.45% to 58c.

Air New Zealand was up 2c or 3.33% to 62c; Briscoe Group added 10c or 2.11% to $4.85; and Oceania Healthcare gained 2c or 2.67% to 77c.

Radius Residential Care improved 0.004c or 2.07% to 19.7c; TradeWindow increased 0.009c or 4.86% to 19.4c; and Move Logistics gained 0.006c or 3.16% to 19.6c.

Fonterra Co-operative Group was up 3c to $4.58, and Fonterra Shareholders’ Fund was down 14c or 2.82% to $4.83.

In the property sector, Kiwi was up 3c or 3.28% to 94.5c; Argosy gained 2c or 1.96% to $1.04; Goodman Trust added 4c or 1.95% to $2.09; and Precinct increased 3c or 2.46% to $1.25.

Precinct disclosed it is building the country’s tallest tower, 56 levels or 222.5m high, on the Auckland Downtown Carpark site. The tower, one of two, will house offices, apartments and retail.

ANZ Bank declined $1.10 or 3.32% to $32; Hallenstein Glasson was down 19c or 2.29% to $8.10; Ryman Healthcare shed 9c or 2% to $4.40; Port of Tauranga decreased 13c or 2.02% to $6.32; and Vulcan Steel fell 36c or 4.44% to $7.75.

Tourism Holdings was down 8c or 3.8% to $2; T&G Global decreased 4c or 2.52% to $1.55; Eroad declined 2c or 1.85% to $1.06; Comvita shed 3c or 3.7% to 78c; 2 Cheap Cars eased 2c or 2.5% to 78c; and Colonial Motors was down 10c to $6.40.

General Capital increased 2c or 9.09%% to 24c. The company earlier told the market that its chief financial officer Nick Pimenov was leaving at the end of the week.