Otago Daily Times

Mar­ket com­men­tary

- Business · Stocks & Markets · Investing · Health Care · Financial Markets · Finance · Wellington, New Zealand · New Zealand · Australia · Auckland International Airport Limited · Auckland Region · Meridian Energy Limited · David Price

WELLING­TON: New Zealand share prices ended with a slight gain de­spite the mar­ket’s two top stocks — F&P Health­care and a2 Milk — los­ing their shine as trade thinned out be­fore the long week­end.

A 20c or 3.75% re­bound in power gen­er­a­tor Merid­ian En­ergy to $5.54 helped lift the in­dex into slightly pos­i­tive ter­ri­tory, the S&P/NZX50 In­dex clos­ing 63 points, or 0.5% higher, at 12,470.34.

The day’s vol­ume came to 60 mil­lion shares, worth $188 mil­lion.

Forsyth Barr bro­ker David Price said trade vol­umes were light, re­peat­ing the trend of the past few days.

Res­pi­ra­tory prod­ucts maker F&P Health­care lost six cents to $35.86 and al­ter­na­tive dairy com­pany a2 Milk dropped 8c to $15.37.

While F&P Health­care’s busi­ness had largely been a ben­e­fi­ciary of the Covid­19 pan­demic, Mr Price said that as cases kept go­ing up, it ap­peared rates of hos­pi­tal­i­sa­tion were go­ing down, and peo­ple wanted to dis­cern where the stock stood..

In a2 Milk’s case, short sell­ing in the stock out of Aus­tralia was up as the com­pany con­tin­ued to grap­ple with a cur­tailed daigou trade in in­fant for­mula out of Mel­bourne, which re­mains in lock­down.

Many of a2 Milk’s daigou, or un­of­fi­cial traders, are based in Mel­bourne.

Manuka honey com­pany Comvita, which on Thurs­day held an up­beat an­nual meet­ing, had its share price lift by six cents to $3.35.

Comvita said it had ex­pe­ri­enced a strong start to its fi­nan­cial year, with dou­ble­digit rev­enue growth in the first quar­ter.

Auck­land In­ter­na­tional Air­port, which held its an­nual meet­ing week, saw its share price drop by 2c to $7.36.

The com­pany said it did not ex­pect an in­ter­na­tional avi­a­tion re­cov­ery for more than three years.

Mar­ket debu­tant Rua Bio­science, a medic­i­nal cannabis com­pany, re­tained its post­list­ing gains, the 50c shares end­ing at 70c, up 2c on the day.

Among the lower cap is­sues, data pro­cess­ing com­pany So­lu­tion Dy­nam­ics ral­lied by 19c cents to $3.15 after hold­ing its an­nual meet­ing, where re­it­er­ated its pre­vi­ous guid­ance for 2021 of earn­ings in a range of $2 mil­lion to $2.5 mil­lion.

Tech­nol­ogy com­pany Eroad, which has had a strong run through­out year, ended 10c higher at $4.15. —

Newspapers in English

Newspapers from New Zealand