Tuesday, 05 December 2023
KaitaiaWhangareiDargavilleAucklandThamesTaurangaHamiltonWhakataneRotoruaTokoroaTe KuitiTaumarunuiTaupoGisborneNew PlymouthNapierHastingsDannevirkeWhanganuiPalmerston NorthLevinParaparaumuMastertonWellingtonMotuekaNelsonBlenheimWestportReeftonKaikouraGreymouthHokitikaChristchurchAshburtonTimaruWanakaOamaruQueenstownDunedinGoreInvercargill
NZ HeraldThe Northern AdvocateThe Northland AgeThe AucklanderWaikato HeraldBay Of Plenty TimesRotorua Daily PostHawke's Bay TodayWhanganui ChronicleThe Stratford PressManawatu GuardianKapiti NewsHorowhenua ChronicleTe Awamutu CourierVivaEat WellOneRoofDRIVEN Car GuideThe CountryPhoto SalesiHeart RadioRestaurant Hub
Voyager 2023 media awards
Subscribe

Advertisement

Advertise with NZME.
Home / Business

NZ shares continue slide as energy stocks falter

By Graham Skellern
12 Jan, 2021 03:24 AM4 mins to read
Saveshare

Share this article

Reminder, this is a Premium article and requires a subscription to read.

facebookcopy linktwitterlinkedinredditemail
Auckland Airport shares fell by 3.41 per cent in another down day for the sharemarket. Photo / Peter Meecham.

Auckland Airport shares fell by 3.41 per cent in another down day for the sharemarket. Photo / Peter Meecham.

The energy stocks, without the buying support of the overseas exchange traded funds, faltered for the second day running as the New Zealand sharemarket dropped nearly one per cent.

With profit-taking still prevalent, the S&P/NZX 50 Index closed down 106.40 points or 0.8 per cent to 13,183.69 on steady volume of 49.8 million share transactions worth $164.56m. There were 56 gainers and 81 decliners over the whole market.

Matt Goodson, managing director of Salt Funds Management, said the market had such a hard run driven by the US and UK exchange traded funds flows into Meridian and Contact and a little bit of pull-back is hardly surprising.

"Trading is seasonally light and directionless and you'll find a lot of the index fall is related to the gentailers rather than anyone else. There was a weak lead from the US markets with the technology-driven Nasdaq Composite index down the hardest. And weighing on global markets is a continuing rise in bond yields, even though they are still at historical lows."

Goodson said company management will be drifting back into the office over the next week or so and providing some quarterly updates- which are expected to be positive given the present strength of the New Zealand economy.

"Then we are into the February reporting season and that will set the tone for the market," he said.

Leading cap stock Meridian shed 23c or 2.73 per cent to $8.19 on trade worth $21.3m, having fallen nearly 10.5 per cent over two days after reaching a high of $9.40 last Thursday.

Contact Energy was down 5c to $9.99 on trade worth $10.8m; Mercury slipped 8c to $7; and Trustpower declined 26c or 3.04 per cent to $8.30.

Advertisement

Advertise with NZME.

The market's most expensive stock Mainfreight was fleeced $1.70 or 2.48 per cent to $66.80; Fisher and Paykel Healthcare declined a further 17c to $31.93; Ebos Group lost what it gained the day before, down 60c or 2.05 per cent to $28.70; Ryman Healthcare decreased 41c or 2.65 per cent to $15.09; and Auckland International Airport fell 27c or 3.41 per cent to $7.65.

Other decliners were Restaurant Brands, down 15c to $11.50; Sanford falling 10c or 1.96 per cent to $5; and Seeka down 10c or 2.08 per cent to $4.70.

Related articles

Business

NZ regulator issues Bitcoin warning: Be prepared to lose all your money

12 Jan 12:52 AM
World

New York State Bar Association moves to get rid of Giuliani

11 Jan 09:50 PM
Business

Pushpay appoints new CEO

11 Jan 11:17 PM
Business

Mauling: Energy stocks tumble in sharpest NZX fall for four months

11 Jan 05:15 AM

There was strong activity in Pushpay Holdings after the donor software firm upgraded its operating earnings (ebitdaf) for the year ending March for the second time to $US56m - $60m ($NZ78.16m-$83.75m), from a previous $US54m - $58m ($75.38m - $80.96m).

Pushpay traded as high as $1.73 before settling at $1.64, up 4c or 2.5 per cent, on trade worth $8.6m. The company, which announced new chief executive Molly Matthews (formerly chief customer officer), said its performance for the month of December exceeded internal expectations, and it is investing and developing the United States Catholic sector.

Goodson said Pushpay's price has been weak lately and its upgrade was not unexpected. "That's a good sign. There's been a fair bit of focus on executive turnover and share sales, but selldowns by founding directors is not unusual."

Marsden Maritime Holdings, owner of Northport near Whangarei, rose 26c or 4.27 per cent to $6.35 on the back of handling more container cargo. Other port companies fell – South Port New Zealand down 7c to $7.69 and Port of Tauranga down 7c to $7.52.

Chorus recovered 13.5c or 1.73 per cent to $7.96; The Warehouse Group continued a good run, rising 8c or 2.68 per cent to $3.06; and AMP was up 6c or 3.53 per cent to $1.76.

On Wall Street overnight, the Dow Jones Industrial Average drifted 0.29 per cent to 31,008.69, the S&P 500 Index was down 0.66 per cent to 3799.61, and the Nasdaq slumped 1.25 per cent 13,036.43, with Apple, Microsoft, Amazon, Facebook and Twitter (down 6.4 per cent) taking falls.

Advertisement

Advertise with NZME.

The price of Bitcoin plunged as much as 23 per cent to hit a low of US$30,305 ($42,274) before settling around US$35,000. Bitcoin set an all-time high at US$41,962 ($58,591) on Friday.

Saveshare

Share this article

Reminder, this is a Premium article and requires a subscription to read.

facebookcopy linktwitterlinkedinredditemail

Advertisement

Advertise with NZME.

Latest from Business

New Zealand

What’s inside the most valuable room in Wellington?

05 Dec 12:19 AM
Business

Rental registrations drive new vehicle sales higher

05 Dec 12:12 AM
Premium
Business

Era of low interest rates over, says private equity investor

04 Dec 11:46 PM
Premium
Business

Three retirement village issues NZ Shareholders Association is considering

04 Dec 11:18 PM

Navigating the ‘decade of uncertainty’

sponsored

Advertisement

Advertise with NZME.

Latest from Business

What’s inside the most valuable room in Wellington?

What’s inside the most valuable room in Wellington?

05 Dec 12:19 AM

Deep in the underground vaults of Wellington is the fortified home of NZ's riches.

Rental registrations drive new vehicle sales higher

Rental registrations drive new vehicle sales higher

05 Dec 12:12 AM
Premium
Era of low interest rates over, says private equity investor

Era of low interest rates over, says private equity investor

04 Dec 11:46 PM
Premium
Three retirement village issues NZ Shareholders Association is considering

Three retirement village issues NZ Shareholders Association is considering

04 Dec 11:18 PM
How to make a win-win-win from waste
sponsored

How to make a win-win-win from waste

About NZMEHelp & SupportContact UsSubscribe to NZ HeraldHouse Rules
Manage Your Print SubscriptionNZ Herald E-EditionAdvertise with NZMEBook Your AdPrivacy Policy
Terms of UseCompetition Terms & ConditionsSubscriptions Terms & Conditions
© Copyright 2023 NZME Publishing Limited
TOP