Market commentary
WELLINGTON: New Zealand shares edged lower yesterday as a weak earnings result from Facebook cast a pall over global equity markets, while investors prepare for the local earnings season. Property For Industry and Heartland Bank declined, while Sky Network Television extended its recovery.
The S&P/NZX 50 index decreased 1.41 points, or 0.02% to 8932.48. Within the index, 24 stocks fell, 19 gained and seven were unchanged. Turnover was $102.7 million.
Property For Industry led the market lower, down 1.2% at $1.72, matched by a 1.2% decline for Heartland Bank to $1.72. Contact Energy fell 1% to $5.79 and a2 Milk Co declined 0.9% to $10.75.
Sky TV rose 1.9% to $2.65.
Mainfreight gained 1.5% to $28.20.
Ryman Healthcare rose 1.4% to $12.27.
Among bluechip stocks, Air New Zealand fell 0.6% to $3.23, Auckland International Airport declined 0.6% to $6.69, Fletcher Building was unchanged at $7.08, Fisher & Paykel Healthcare gained 0.4% to $14.70, Meridian Energy slipped 0.2% to $3.135, and Spark New Zealand fell 0.8% to $3.80.
Outside the benchmark index, Oceania Healthcare gained 1.8% to $1.11 after beating earnings guidance and increasing the pace of development. The agedcare company’s chief executive Earl Gasparich said controlling shareholder Macquarie would probably start reducing its 57% stake now a trading restriction had lifted.
Evolve Education jumped 11% to 62 cents after the National Business
Review on Wednesday reported the early childhood education provider might be the subject of a takeover.
NZME was unchanged at 84 cents. Heightened interest in Australian media stocks after Nine Entertainment and Fairfax Media Group announced a merger didn’t spill over into New Zealand. — BusinessDesk