Fletcher Building gains 4.6% after big volumes on ASX - Market close

High volumes of Fletcher Building shares were traded on the ASX. (Image / NZME)

Gains from Fletcher Building and Pacific Edge weren’t enough to keep the index above the ledger to start the week.

The benchmark S&P/NZX 50 fell 0.15% to 13,208.31 points on Monday, with 31.4 million shares worth $110.2m changing hands.

Matt Goodson, the managing director of Salt Funds Management, said high volumes of Fletcher Building stock on the Australian Securities Exchange (ASX) had inspired a 4.61% bounce to $3.18.

“There was a line of 10.5 million shares crossed in Fletcher Building in Australia.”

He said the market was working on the assumption that the shares were overhang from a large seller, which had been leading to downward pressure on the price.

“Suddenly, the perception is that a very large seller is no longer there, and that they’ve been taken care of,” he said. ”Whether that’s correct or not, we’ll discover in the coming days, but it’s certainly the assumption.”

Ebos Group continued its decline, losing 1.84% to finish the day at $28.85, and falling under $29 for the first time in over four years.

Small caps

The “most interesting” move of the day, Goodson said, was Pacific Edge, which jumped 24.4% to 19.9 cents on volumes valued at over $800,000.

Pacific Edge told the market that Medicare contractor Novitas will likely convene an expert panel in early 2026 to review tests of one of its products.

Goodson said this development makes it increasingly likely that Pacific Edge’s tests will soon be included for Medicare reimbursement, a crucial step for the company to receive payment.

“It’s been the most horribly convoluted saga, but they do appear to be getting there.“

TradeWindow’s shares gained 2.13% to 24 cents on low volumes after it said it was looking to list on the ASX.

With its secondary listing, the Auckland-based trade software firm said it was pursuing “the goal of increasing its profile among the broad pool of investors across the Tasman”.

Spark, Ryman and NZME

Spark New Zealand announced a leadership shake-up, saying two longstanding executives, Renee Mateparae and Melissa Anastasiou, will depart at the end of 2025.

Goodson said the announcements “probably weren’t market-moving” but highlighted that the stock has continued to weaken since the company’s investor day.

Shares of the telecommunications firm dropped 1.27% to $2.34.

Ryman Healthcare stock dipped 0.8% to $2.47 after agents at CBRE listed a property in Christchurch where the company had been planning to build a high-rise retirement project.

At 4pm, a significant product holder (SPH) notice showed NZME director Jim Grenon upped his stake in the media company that owns the New Zealand Herald and BusinessDesk, buying 3.7m shares for just over $4m.

The purchase, which took his holding to nearly 18%, came three weeks after a separate SPH notice recorded he had bought $6m worth of shares in late August.

NZME closed up 0.91% at $1.11.