Market commentary

WELLINGTON: New Zealand’s market fell more than 1% yesterday after Wall Street’s worst day since June.

CMC Markets analyst Tina Teng said Wall Street had a broadbased selloff because of risk aversion ahead of the Jackson Hole Symposium this week. The annual meeting of the Kansas City Federal Reserve is attended by central bankers, economists and policymakers from across the world.

The S&P/NZX 50 index fell 120.7 points to 11,643.21. Turnover was $116.5 million.

Craigs Investment Partners investment adviser Peter McIntyre said Wall Street had a ‘‘major influence’’ on the New Zealand market.

Media company NZME announced it had boosted its sixmonth profit to the end of June by 37% as advertising revenue recovered to preCovid levels despite exceptionally weak consumer confidence. It reported a net profit of $8.5 million in its halfyear period, up from $6.2 million in the prior comparable period.

The firm’s shares closed down 4c to $1.22.

Agedcare facility company Summerset Group rose 0.4% to $11.59 after it released its halfyear result. Its underlying sixmonth profit was $82.5 million, up 9.2% on the year, but net profit of $134.6 million was down 49% from the same period a year earlier.

Ryman Residential Healthcare was down 2.4% to $9.33 and Radius Residential Healthcare was flat at 36c.

Telecommunications company Spark is reporting its fullyear earnings today. It was down 0.19% to $5.29 yesterday. Wholesale broadband provider Chorus fell 1.5% to $7.86.

Heartland Bank released its fullyear results to June 30 yesterday, posting a record net profit of $95.1 million. Its shares closed flat at $2.12.

Westpac fell 1.7% to $23.65 and ANZ Bank was also down 1.7% to $25.

Logistics company Freightways rose 3.1% to $9.85.

Index heavyweight and medical device manufacturer Fisher & Paykel Healthcare was down 2.5% to $19.95. —