Market commentary

WELLINGTON: Persistent selling in the blue chip stocks, Fisher and Paykel Healthcare and a2 Milk, has taken some of the heat out of the New Zealand sharemarket, which closed the week more than 1% down after a late dive.

The S&P/NZX 50 finished at 11,633.52, a fall of 143.61 points or 1.22% on trade of 152.37 million worth $441.24 million. Half the fall was credited in the last hour of busy trading. There were 55 gainers and 85 decliners over the whole market.

Jeremy Sullivan, investment adviser with Hamilton Hindin Greene, said ‘‘the unwinding’’ of Covid trades in the blue chips had continued. Fisher and Paykel and a2 had reasonable reductions and that affected the market.

‘‘Investors are quite worried, in a2’s case, about China trade sanctions and, in Fisher and Paykel’s case, the potential of a vaccine rollout — and they are taking some profit off the table,’’ Sullivan said.

Fisher and Paykel fell 20c to $32.25 on trade worth $52.6 million, after not long ago reaching $37.68.

At the same time, a2 Milk has fallen from $21.50 in midAugust to $17.70, down 18c at the close of trading.

Other leading market cap stocks to fall were Ryman Healthcare, down 40c to $13.60 with $13 million worth of shares changing hands; Spark down 11.5c or 2.45% to $4.57 on trade worth $29.7 million; and Mainfreight losing 40c to $45.90.

Infratil gained 7c to $4.97, and fishing company Sanford surged 20c or 3.59% to $5.77.

Auckland International Airport, now in the S&P/ ASX 200, fell 18c or 2.53% to $6.93. It had reported that passenger volumes fell in August: down 85%, and domestic fell 71% compared with the corresponding month last year. —