The biggest companies on the benchmark index were among the top performers today. Fisher & Paykel Healthcare led the market higher, up 3.2 per cent at $15.40 on 347,000 shares, about half its 90-day average of 647,000. A2 Milk increased 1.2 per cent to $14.41 on 603,000 shares, below its usual volume of 818,000.
Auckland Airport rose 3 per cent to $9.03 on 996,000 shares, down on its usual 1.3 million, while Meridian Energy increased 2.7 per cent to $4.62 on 1.1 million shares, down on its 1.4 million average.
Property stocks also fared well on busier trading volumes than normal. Precinct Properties New Zealand rose 2.7 per cent to $1.73 on a volume of 1.5 million shares, Kiwi Property Group increased 1.9 per cent to $1.60 with 2.1 million shares changing hands. Goodman Property Trust advanced 1.6 per cent to $1.90 on a volume of 1.3 million.
Pushpay Holdings climbed 2.6 per cent to $3.90 on a volume of 1.3 million, more than twice its usual activity. The mobile payments app developer raised its full-year earnings guidance at today's annual meeting.
Spark New Zealand was the most traded stock on a volume of 2.8 million shares, down on its 5.4 million average. It rose 0.1 per cent to $3.915. New Zealand Refining decreased 0.5 per cent to $2.09 on 1.1 million shares, more than five times its 210,000 average.
Of other stocks trading on volumes of more than a million shares, Infratil rose 1.3 per cent to $4.65, Contact Energy fell 0.4 per cent to $7.59, Fletcher Building decreased 0.2 per cent to $5.43, and Ryman Healthcare increased 1 per cent to $11.70.
Tourism Holdings posted the day's biggest decline, down 2.3 per cent at $3.85 on 58,000 shares, almost a third of its normal volume. Synlait Milk declined 2.1 per cent to $9.89 on a volume of just 13,000 shares - a tenth of its usual trading - and Oceania Healthcare fell 1 per cent to $1.03 on 228,000 shares.
NZX was unchanged at $1.09 after medicinal cannabis firm Cannasouth joined the exchange in the first initial public offering in more than two years. Napier Port is mooted as a potential candidate listing next month.
Cannasouth sold 20 million shares at 50 cents each in its priority and public offers, and first traded at 51 cents. However, the stock dropped as low as 36 cents and ended the day at 40 cents, with about 1.4 million shares of its 102 million stock on issue changing hands.
Grant Davies, an investment advisor at Hamilton Hindin Greene, said investors in pre-revenue companies should view them as a long-term investment.
Of other early-stage healthcare companies, bladder cancer test maker Pacific Edge rose 10 per cent to 22 cents, cervical cancer tech company TruScreen advanced 4.8 per cent to 11 cents, and probiotic manufacturer Blis Technologies was unchanged at 3.7 cents.
Heartland Bank's 2024 bond paying annual interest of 3.55 per cent was the most traded debt security on a volume of 2.2 million. The notes closed at a yield of 3.14 per cent, down 2 basis points. Heartland Group shares rose 2.5 per cent to $1.64.
Of other debt securities trading on volumes of more than a million notes, ANZ Bank New Zealand's 2024 bond, paying 3.03 per cent, closed at a yield of 2.3 per cent, down 4 basis points. Transpower's 2022 notes paying 4.3 per cent closed at 1.81 per cent, down 8 basis points, and Auckland Airport's 5.52 per cent 2021 notes closed at 1.86 per cent, down 16 basis points.