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Home / Business / Markets / Shares

Market close: F&P Healthcare leads NZ shares lower

By Graham Skellern
NZ Herald·
6 Oct, 2022 04:42 AM4 mins to read

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Fisher and Paykel Healthcare led the market down, falling 51c or 2.61 per cent to $19.01. Photo / Supplied

Fisher and Paykel Healthcare led the market down, falling 51c or 2.61 per cent to $19.01. Photo / Supplied

The New Zealand sharemarket went into a reflective mood, falling nearly half a per cent, following the strong rally over the previous two trading days.

The S&P/NZX 50 Index maintained its momentum in the morning but lost heart in the afternoon, dropping 54.77 points or 0.49 per cent to 11,125.24 after reaching an intraday high of 11,177.54.

There were 50 gainers and 82 decliners over the whole market on light volume of 25.04 million share transactions worth $83.49 million.

Greg Smith, head of retail with Devon Funds Management, said: "We've seen the biggest two-day rally since the start of the Covid pandemic, especially in the United States. I guess there's a bit of reflection about whether this recovery is enduring."

He said investors were pausing for some important US economic data on Saturday morning (NZ time) – the non-farm payrolls. The forecast for total jobs created in September is 250,000 following 315,000 in August.

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"The numbers are a barometer of employment and the health of the world's biggest economy, and impacts what the Federal Reserve does. If the September number is above expectation, then the Fed will need to keep tightening."

The monthly US non-farm payrolls represent how many people are employed in manufacturing, construction and goods companies.

At home, Fisher and Paykel Healthcare led the market down, falling 51c or 2.61 per cent to $19.01 on trade worth $8.76m.

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Ryman Healthcare, which has become a volatile stock, declined 14c to $8.66; a2 Milk was down 9c to $6.17; Spark lost 5c to $5.07; Auckland International Airport decreased 6c to $7.27; and Ebos Group was down 51c to $37.09.

In the energy sector, Meridian was up 4c to $4.82; Vector gained 10c or 2.36 per cent to $4.34; and Manawa was down 6c to $5.54.

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Wine exporter Delegat Group rose 48c or 4.61 per cent to $10.89; Skellerup Holdings was up 10c or 1.92 per cent to $5.30; Restaurant Brands recovered 22c or 2.97 per cent to $7.63; and The Warehouse Group gained 7c or 2.23 per cent to $3.21.

In the property sector, Investore gained 3c or 1.97 per cent to $1.55; Stride added 2c to $1.67; and Vital Healthcare Trust increased 4c to $2.57.

South Port NZ increased 19c or 2.13 per cent to $9.10; Smartpay Holdings collected 2c or 2.86 per cent to 72c; NZ King Salmon Investments improved 1c or 4.76 per cent to 22c; and Gentrack gained 3c or 1.85 per cent to $1.65.

Pushpay Holdings, up 4c or 3.6 per cent to $1.15, has signed its largest software-only agreement with United States Army Chaplain Corps whose network covers 51 garrisons around the world and one million soldiers and their families. Pushpay's tailored software and apps will strengthen connections with the soldiers in wellbeing, religious services and counselling.

Cervical cancer screening firm TruScreen gained 0.004c or 9.09 per cent to 4.8c after announcing the appointment of Dr Beata Edling, previously medical affairs and market access lead, as its new chief executive.

Seeka was down 9c or 2.28 per cent to $3.86; Scott Technology declined 7c or 2.41 per cent to $2.83; Serko fell 12c or 3.64 per cent to $3.18; Fonterra Shareholders' Fund dropped 8c or 2.6 per cent to $3 and Winton Land decreased 10c or 13.77 per cent to $2.55.

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T&G Global declined 5c or 1.85 per cent to $2.65; Rakon decreased 3c or 2.34 per cent to $1.25; Pacific Edge lost 2c or 4.04 per cent to 47.5c; and PaySauce fell 3c or 9.38 per cent to 29c.

Infratil, down 11c to $8.51, told the market the investment arrangements for Boston-based Longroad Energy have now been completed, after Munich Re took a 12 per cent holding for US$300m ($518.45m). Infratil and NZ Super Fund invested US$100m ($172.81m) each for a combined shareholding of 37 per cent.

Tower, unchanged at 63c, has paid $5.9m for the direct control of Kiwibank's portfolio of insurance policies. Since February last year Tower has bought insurance books from ANZ, Westpac, TSB and Kiwibank for a total of $26m, and ending commission payments to them of about $11m a year. Kiwibank premiums contributed $12m to Tower's revenue in the last financial year.

Good Spirits Hospitality, up 0.005c or 12.5 per cent to 4.5c, has had its $27.5m facility with Pacific Dawn extended to the end of next year.

Evolve Education, up 1c to 65c, is changing its name to Embark Education on October 18 following the sale of its New Zealand early childhood centres for $46m.

New Talisman Goldmines told the market it is planning to produce gold from its Karanghake Gorge mine next year. It is progressing the phases needed to recommission the Talisman mine and establish a processing route for the ore. New Talisman's share price declined 0.001c or 33.33 per cent to 0.002c.

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