Market commentaries

WELLINGTON: New Zealand shares fell, led by Pushpay Holdings after the mobile app payments developer posted its first dip in quarterly revenue, while bluechip stocks a2 Milk Co, Fletcher Building and Fisher & Paykel Healthcare declined. Infratil gained on upbeat earnings guidance.

The S&P/NZX 50 Index fell 16.05 points, or 0.2%, to 8453.72. Within the index, 17 stocks fell, 27 gained, and six were unchanged. Turnover was $125 million.

Pushpay led the index lower, falling 3% to $4.14 after the software developer said annualised committed monthly revenue fell 19% to $US86.4 million in the March quarter. Revenue doubled to $US70 million in the year ended March 31, it said.

The benchmark index was pushed lower by largecap stocks, with a2 Milk down 1.3% to $12.88, Fletcher Building falling 1.8% to $5.90 and F&P Healthcare declining 2% to $13.10.

Sky Network Television fell 2.9% to $2.37 and Trade Group declined 2.5% to $4.33.

Kiwi Property Group fell 1.5% to $1.33 after the real estate investor said its sold its North City Shopping Centre in Porirua for $100 million to a private investor.

Synlait Milk rose 2.3% to $8.95, the biggest gain on the day after a Commerce Commission report questioned one of the components used to set Fonterra Cooperative Group’s farmgate milk price, saying the level may be inflating what the larger milk processor pays its suppliers.

Fonterra Shareholders’ Fund units gained 0.4% to $5.75.

Infratil gained 2.2% to $3.19. The Wellingtonbased infrastructure investor said 2018 earnings were at the top end of guidance at yesterday’s investor briefing, and that it was considering paying special dividends when it realised gains from its development investments to supplement ordinary returns.

Infratilcontrolled Trustpower rose 2.1% to $5.74 and Tilt Renewables advanced 1.1% to $1.89.

Utility stocks largely weathered outages across the country’s biggest city. Auckland International Airport rose 0.2% to $6.415, lines company Vector increased 0.9% to $3.25, while Chorus slipped 0.1% to $4.035 and Spark New Zealand was unchanged at $3.385.

NZX increased 0.9% to $1.09 after the stock market operator released its second consultation document on plans to simplify the listing rules. CDL Investments, a potential beneficiary if a lower free float is adopted, was unchanged at 94c. Controlling shareholder Millennium & Copthorne Hotels NZ was also unchanged at $2.86.

A Australian shares closed lower yesterday despite strong performances from energy and mining companies, with the market falling back after two sessions of gains sparked by an easing in USChina trade tensions.

The benchmark S&P/ASX200 index was down 28.3 points at 5828.7 points by late afternoon, with the broader All Ordinaries down 26.1 points, or 0.44%, at 5,925.7 points.

Earlier, Wall Street lifted sharply as SinoUs trade tensions eased after Chinese President Xi Jinping’s conciliatory speech at the Bo’ao forum, where he pledged to lower tariffs and open Chinese markets.

The broader All Ordinaries index was down 26 points, or 0.44%, at 5,925.8 points

The SPI200 futures contract was down 31 points, or 0.53%, at 5808 points.

National turnover was 3.6 billion securities traded worth $6 billion. — BusinessDesk/AAP