Market commentaries
WELLINGTON: New Zealand shares were mixed in light trading yesterday, Sky Network Television and Stride Property leading gains while a2 Milk Co and Westpac Banking Corp fell.
The S&P/NZX50 Index fell 27.95 points to 9025.64. Within the index, 21 stocks rose, 18 fell and 11 were unchanged. Turnover was $94.2 million.
Harbour Asset Management executive director and head of equities Craig Stent said the market was quiet given Australian school holidays and the Independence Day holiday in the United States.
Sky TV was the best performer, up 4.2% to $2.73. Stride Property rose 1.6% to $1.87, Scales Corp gained 1.5% to $4.80, and Vital Healthcare Property Trust advanced 1.5% to $2.07.
A2 Milk was the worst performer, down 3.4% to $11.40, giving up Tuesday’s gains following announcement of an agreement with Synlait Milk to extend its infant formula supply deal. Synlait shares dipped 1% to $11.44, having gained 1.4% on Tuesday.
Westpac dropped 1.7% to $31.65, Arvida Group fell 1.5% to $1.28 and Auckland International Airport lost 1% to $6.77.
Gentrack Group was in a trading halt at $7. It will sell shares at $6.19, a 12% discount, to raise $90 million to repay bank debt used to fund a recent spate of acquisitions, leaving the door open for more merger and acquisition activity.
It said it would result in almost no bank debt and give it a strong enough balance sheet to make more acquisitions.
A Australian shares closed lower, hurt by falls in banking and energy stocks on concerns about heightened trade tensions between the United States and China.
The benchmark S&P/ASX200 index dropped 26.8 points, or 0.43%, at 6183.4 points, while the broader All Ordinaries index fell 29.2 points, or 0.46%, at 6273.6 points.
Wall Street fell overnight in a shortened trading session as the Independence Day holiday loomed.
International trade tensions continue to weigh on the mind of investors, with the first round of US tariffs on $US34 billion of Chinese imports set to take effect on Friday.
The tech heavyNasdaq index was the worst performer in Tuesday trade in the US, finishing 0.86% lower.
The heavyweight financials sector lost most of the gains made in the previous session, with investment bank Macquarie Group dropping 1.7% to $121.06.
CBA fell 0.5% to $73.59, National Australia Bank lost 1.3% to $27.38, Westpac fell 0.5% to $29.25, and ANZ finished 0.07% higher at $28.10.
The energy sector also lost further ground, with Caltex and Woodside Petroleum down 1.7% to $32.47 and 0.5% to $35.28 respectively.
Weak commodity prices hurt mining stocks, with Rio Tinto falling 0.8% to $80.13 and Mineral Resources dropping 2.7% to $15.15.
Bucking the broader market and gaining were the telecom sector, courtesy of a gain in Telstra, and utilities, which are seen as safe haven stocks during uncertainty.
The Australian dollar rose following the release of betterthanexpected May retail spending figures, trading at US74.07c by late afternoon, up from US73.79c on Tuesday.
The SPI200 futures contract was down 32 points, or 0.52%, at 6137 points. — BusinessDesk/AAP