Earnings season continued with F&P Healthcare, which fell 0.7 per cent to $10.10, after the company posted an 18 per cent gain in full-year profit, meeting its guidance amid record annual sales, and said sales in the current year may reach $1 billion.
Williamson said the stock price failed to jump up because investors had already factored in earnings: "Investors had been expecting a very good result," he said, noting that the stock is up 19 per cent so far this year. "It's been one of the stand-out performers."
Kiwi Property Group declined 0.4 per cent to $1.42 after posting a 43 per cent fall in annual profit as the value of its property portfolio rose at a slower pace than a year earlier. That result was also largely expected, with underlying earnings up 13 per cent and the company said it will pay a full-year dividend of 6.75 cents per share, in line with guidance. It projects that will increase to 6.85 cents per share in the 2018 financial year.
Among other companies reporting, Evolve Education Group dropped 1.9 per cent to $1.03 after it posted a 1.5 per cent gain in full-year profit as revenues continued to rise with the childcare operator's expanding portfolio of early childhood education centres.
Comvita was again the biggest decliner on the top 50 index, falling 4.8 per cent to $5.62 and taking its slide to 34 per cent since early April. Ongoing news reports about the spread of the fungal disease Myrtle Rust continue to worry investors. Australia and New Zealand Banking Group shed 1.2 per cent to $3.28 but Westpac Banking Corp added 0.3 per cent to $33.33.