Spark New Zealand fell 1.6 per cent to $3.59 on a bigger volume than usual of 9.1 million shares. It was the busiest stock on the day. Managing director Simon Moutter yesterday announced his exit at the end of the financial year on June 30, and will hand over the reins to customer director Jolie Hodson.
Morningstar Research said in a note that Moutter's exit has no impact on its fair value estimate of $3.80 a share, but noted that the market hates surprises and the stock is trading at a discount.
Davies said Spark's decline the past two days was an over-reaction, and that since it posted subdued first-half earnings in February, the stock had lost the momentum it had late last year.
Trade Me rose 0.2 per cent to $6.44 on a volume of 4.1 million shares, more than twice its 90-day average. Shareholders yesterday agreed to a $6.45 per share takeover offer.
SkyCity Entertainment Group was unchanged at $3.93 after announcing the sale of its Auckland car park for $220m. Davies said the sale will free up cash for its development plans in Auckland and Adelaide, giving it some more headroom.
Restaurant Brands New Zealand posted the biggest gain on the day, up 2.6 per cent at $8.35. About 354,000 shares changed hands, more than twice the three-month average.
Of other companies trading on volumes of more than a million shares, Air New Zealand was unchanged at $2.675 as was Sky Network Television at $1.28. Goodman Property Trust increased 0.3 per cent to $1.75 and Kiwi Property Group slipped 0.3 per cent to $1.50.
A2 Milk rose 0.3 per cent to $14.79 on a volume of 500,000 shares, almost half its 90-day average. Auckland International Airport decreased 0.7 per cent to $8.14 on a smaller volume than usual of 852,000.