Market commentary

WELLINGTON: The New Zealand sharemarket yesterday failed to be inspired by further strong rebounds overseas, trading flat with few major moves among the blue chip stocks.

The S&P/NZX 50 Index closed at 12,720.84, up 11.69 points, a dip in early afternoon.

There were 87 gainers and 50 decliners over the whole market, and the volume was boosted by a number of index rebalancing flows involving property companies. The overall trading reached 104 million share transactions worth $273.28 million.

Forsyth Barr investment adviser Dan Stratful said the local market underperformed yet again despite rebounds in the United States and strength in Australia.

The New Zealand market was down 3% so far this year compared with Australia up 10% and the United States 1315%, he said.

Goodman Property Trust increased 5.5c to $2.45 with 28.88 million shares worth $72.13 m changing hands; Stride Property rose 2c to $2.51 on trade worth $15.58 million; Argosy was down 2c to $1.63 on trade of $15.98 million; and Kiwi Property was unchanged on $1.18 after $14.9 million transactions.

Fisher and Paykel Healthcare was down 20c to $31.65; a2 Milk fell 12c to $7.31; Synlait declined 7c or 1.83% to $3.76; Spark slipped 4c to $4.77; and Mainfreight shed 85c to $77.40.

Port of Tauranga gained another 5c to $7.10 and Napier Port was down 7c to $3.30.

Fletcher Building rose 13c to $7.40 and Pushpay Holdings was up 4c or 2.29% to $1.79.

Reopening stocks SkyCity Entertainment rose 6c to $3.26; Vista Group rose 4c to $2.28; Serko gained 4c to $7.50; and Tourism Holdings was up 3c to $2.42.

After Contact and Meridian Energy told the market they were planning to develop the world's first and largest green hydrogen plant, Contact was up 3c to $8.26, Meridian increased 2c to $5.35, and Mercury climbed 15c or 2.24% to $6.84.

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