“A variety of movements, which are really just flow-driven. Probably one of the most interesting things is property stocks after a stellar run over the last three or four months. It could be in response to the rate cuts, but they’ve just given some of that up a little,” Goodson said.
A big mover was Ryman Healthcare after a second quarter trading update, with its share price rising 3.56% or 10c to $2.91 after 1.59 million shares traded on turnover worth $4.6m.
The retirement village and aged care company reported a drop in half-year sales but said it is tracking ahead of its full-year guidance target.
Goodson said the result was okay, thanks to solid new sales numbers, but he suggested there may have been some discounting to achieve it.
“I think the market on the retirement village stocks at the moment is predisposed to view things through a positive lens. I think it’s hoping that 2026 will be a much better year for the housing market.
“A lift of housing turnover and house prices would boost these stocks, which have made heavy weather of their exposure to a much weaker housing market.”
Summerset Group, which rose sharply on Wednesday, gave back some of its gains, falling 2.13% or 25c to $11.50 on turnover worth $1.9m.
Fletcher Building’s share price also fell, dropping 6c to $3.35, while Property for Industry was down 2.67% or 7c to $2.55.
Elsewhere, Mercury NZ’s share price slipped 18c or 2.65% to $6.60 on turnover worth $7.5m, giving back all of its gains made on Wednesday.
In other news, Australian mining company Uvre announced it would be listing on the NZX on October 16.
Goodson said the gold sector has been on the rise recently and there have been a number of Australian companies cashing in, although with minuscule listed exposure in New Zealand.
He also acknowledged the Kiwi dollar, which rose slightly today after falling sharply following Wednesday’s rate cut.
“It was briefly back towards A88c against the Aussie dollar, that’s A87.9c at the moment and back to US58c against the US dollar. So we’ve just seen a slight reversal of some of yesterday’s moves.”
Major US indices finished at records again on Wednesday as markets look past the US Government shutdown and focus on the artificial intelligence boom and expected Federal Reserve interest rate cuts.
The tech-rich Nasdaq Composite Index led the indices, winning 1.1% to 23,043.38.
The broad-based S&P 500 rose 0.6% to 6753.72, also a record, while the Dow Jones Industrial Average was flat at 46,601.78.
Gold, considered a safe investment in times of uncertainty, also reached an all-time high of nearly US$4060 ($6995) an ounce on Wednesday. Silver also rose close to a record high.
– Additional reporting AFP
Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.
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