Market commentaries
WELLINGTON: New Zealand shares fell yesterday, led lower by Pushpay Holdings’ continued weakness, while Skycity Entertainment Group gained on its strong annual results.
The S&P/NZX50 Index dipped 3.64 points to 8872.09. Within the index, 21 stocks fell, 20 rose and nine were unchanged. Turnover was $126.5 million.
‘‘The market has been moving in and out of positive territory,’’ Craigs Investment Partners investment adviser Peter McIntyre said.
Pushpay Holdings led the index lower, down 4.6% to $3.53. The stock has dropped 15% since August 1, when the company delivered firstquarter revenue within guidance and reshuffled its senior management after another abrupt executive exit.
‘‘The guidance was within expectations but it maybe has disappointed some participants,’’ Mr McIntyre said.
Fisher & Paykel Healthcare Co dropped 1.2% to $14.63, a2 Milk Co fell 1.4% to $10.40 and Fletcher Building lost 1.2% to $6.82.
Property For Industry fell 1.2% to $1.72. It lifted its dividend as strong portfolio activity drove higher revenue. Net profit jumped but largely because of a oneoff in the prior period.
NZX declined 0.9% to $1.08. It will not force offmarket transactions to meet a new minimum crossing threshold as long as they improve price transparency and will go ahead with a new pricing structure from October.
Skycity Entertainment Group was the best performer, up 2.5% to $4.08. It increased fullyear earnings more than forecast as its highroller business recovered and its flagship Auckland casino improved.
Ryman Healthcare rose 2.1% to $12.59, Arvida Group gained 1.6% to $1.31, and Auckland International Airport was up 1.3% to $6.835.
Outside the benchmark index, Steel and Tube Holdings dropped 5.5% to $1.38. It said it attracted several new investors in the first tranche of a deeply discounted $80.9 million capital raise.
The Australian sharemarket rose yesterday, courtesy of strong investor responses to profit reports from Commonwealth Bank, AMP and Tabcorp as well as a lift in mining stocks.
The benchmark ASX/S&P200 was up 14.6 points, or 0.2%, to 6268.5 points by late afternoon while the All Ordinaries was 14.1 points, or 0.22%, higher at 6354.9 points.
Results from CBA, AMP and Tabcorp got the August reporting season well under way and the market has responded positively, CMC chief market strategist Michael McCarthy said.
‘‘It’s clear that results are one of the key focuses for investors with Commonwealth Bank and AMP both responding very positively,’’ he said.
Commonwealth Bank reported a 5% drop in cash profit to $9.23 billion, due largely to a $700 million penalty paid to Austrac after it admitted five breaches of antimoney laundering and counterterrorism funding laws.
CBA shares ended the day $1.92, or 2.6%, higher at $74.81.
AMP’s halfyear profit plunged by 74% due to the embattled wealth management company setting aside $290 million to refund and compensate customers it overcharged for financial advice.
Its underlying profit — excluding the compensation provisions — was $495 million, down from $533 million and AMP shares lifted 13c, or 3.9%, to $3.48.
Positive leads from overseas markets as well as the strengthening of industrial commodities assisted shares mining shares, Mr McCarthy said.
‘‘The US dollar did soften and commodities generally were buoyant, but there was good support for aluminium and copper, iron ore and there was a bit of a rally in oil which added to the better picture for material stocks.’’
BHP lifted 1% to $33.94, Rio Tinto added 1% to $77.19 and South32 was up 1.2% to $3.52. — BusinessDesk/AAP