Market commentary
WELLINGTON: A quiet New Zealand sharemarket closed yesterday with a small loss on light trading, and a2 Milk took another dip.
The S&P/NZX 50 Index was down 21.74 points or 0.17% to 12,729.92, after trading in a narrow range with an intraday low of 12,699.67.
There were 63 gainers and 68 decliners over the whole market of 186 stocks on volume of 36.41 million share transactions worth $124.39 million.
Global marketer a2 Milk will learn its MSCI global index fate next week, and it continued to slide, falling 13c or 1.68% to $7.56, after reaching an intraday high of $7.84.
Analysts expect it to be removed as one of seven New Zealand constituents on the index.
On a day of few major movements among stocks, Ebos Group rose 36c to $30.61; Fletcher Building was up 10c to $7.38; Port of Tauranga gained 10c to $7.51; Freightways climbed 9c to $11.29; Sanford picked up 10c or 2.15% to $4.75; and Skellerup Holdings increased 4c to $4.52.
Z Energy, which posted a strong profit increase the day before, rose 6c or 2.18% to $2.81; Kathmandu Holdings gained 4c or 2.63% to $1.56; and Accordant Group was up 3c or 2.16% to $1.42.
The banks had better days, with ANZ Banking Group rising 18c to $29.98, and Westpac Banking Corporation gaining 19c to $28.11.
The Fonterra Shareholders' Fund — caught in a capital restructuring by its parent company — fell 30c or 6.52% to $4.30.
Retirement village operator Ryman Healthcare was down 19c to $14.24, and Summerset Group Holdings declined 18c to $12.10.
Meridian Energy fell 13c or 2.38% to $5.33; Pushpay Holdings lost 7c or 3.91% to $1.72; Napier Port shed 6c or 2.26% to $3.48; Vista Group was down 6c or 2.44% to $2.40; and Serko fell 21c or 3.16% to $6.44.
Contact posted a solid April operating report and its share price slipped 1c to $7.73.
Retail electricity and gas sales were 305GWh compared with 300GWh for the same month last year, and wholesale electricity sales totalled 655GWh (548GWh). South Island hydro storage was 61% and North Island 37%.
Briscoe Group, which gained 2c to $5.66, reported firstquarter sales to May 2 of $173.1 million, up 78.42% on the previous corresponding period, but during that time stores were closed for 33 days because of Covid19. Compared with the first quarter of 2019, latest sales were up 14.94%. Argosy Property told the market it recorded a portfolio revaluation gain of $157.7 million, an 8.5% increase over book value, for the year ending March. Of this, $79.8 million was booked in the September interim result. Argosy's share price gained 1.5c to $1.53.
Precinct Properties was up 2c to $1.68.
Wellington Drive Technologies, which makes electronically controlled motors, has appointed Greg Balla, previously chief operating officer for Orion Health, as its new chief executive. Its share price edged ahead 0.001c to 9.1c.
Skincare provider Blis Technologies gained 0.002c or 3.17% to 6.5c. It has obtained approval from the Indian Food Safety and Standards Authority to use its probiotic strains in health supplements. —