Fletcher Building shares on the rebound
Bargain hunters make a move on the firm’s stock after the price drifted lower
New Zealand shares gained, with Fletcher Building rising as investors were lured back after its recent weakness, while Orion Health Group hit a record low yesterday.
The S&P/NZX 50 Index rose 0.01 per cent, or 0.47 points, to 8,141.96. Within the index, 23 stocks rose, 22 fell and five were unchanged. Turnover was $202 million.
gained 1.8 per up
Fletcher Building
cent to $6.85.
“There has been a rebound in Fletcher Building, that’s just normal trading volume,” said Grant Williamson, director at Hamilton Hindin Greene. “It has shown a bit of weakness just recently and has lost ground since last Thursday. There has been a bit of bargain hunting after the share price drifted off.”
Precinct Properties
led the index, 1.9 per cent to $1.32, while
Television
rose 1.8 per cent to $7.99.
“It’s a pretty mixed bag today, it’s difficult to really get a gauge on a theme today, to be honest,” Williamson said. “Once we hit December, a lot of investors think that’s the end of the year and time to call it Christmas holidays.”
Synlait Milk
was the worst performer, dropping 2.9 per cent to $7.50, while fell 2.3 per cent to $31.61. fell 0.5 per
Xero Spark New Zealand Sky Network
cent to $3.59, while
dipped 0.4 per cent to $2.47. Sky, which is New Zealand’s biggest pay-TV operator, will ask the courts to force internet providers Spark, Vodafone, Vocus and Two Degrees to prevent consumers accessing free streaming sites. Outside the benchmark index,
fell 6.4 per cent to 88c, an all-time low. On Tuesday, the health software developer, whose shares have lost almost half their
Orion Health Group
value this year, said it had widened its first-half loss and lowered its outlook for the full year.
The loss was $25.9m in the six months ended September 30 from a loss of $18m a year earlier, the Auckland-based company said.
Pushpay Holdings
dropped 3.4 per cent to $3.46. It has gained 156 per cent this year. On November 16, the mobile payments app company widened its net loss in the first half despite lifting revenue but reiterated its guidance for the year ahead.
“It has been a bit of a market darling in recent times, it lifted very nicely after that announcement but has seen a bit of profit taking today,” Williamson said.
Steel & Tube Holdings
was flat at $1.99. It confirmed yesterday that it pleaded guilty to 24 charges laid against it by the Commerce Commission for making false and misleading representations about its steel mesh products.
fell 5.3 per cent to 36c. The cancer diagnostics company narrowed its first-half loss after clamping down on costs by ditching a staff share scheme and lifting revenue.
Pacific Edge IkeGPS
was unchanged at 29c. The laser measurement toolmaker upgraded its sales expectations but maintained its breakeven guidance for the full year after revenue lifted and its loss narrowed in the first half.
fell 17 per cent to 0.5 of a cent after the fish oil refiner said it would draw down the remaining $1m of its convertible loan facility from shareholder Comvita to boost working capital. It posted a first-half loss of $2.7m, down from a loss of $3.5m a year earlier.
Seadragon