Blue-chip stocks lead on day of decline
Pushpay Holdings was yesterday’s biggest loser, falling 3 per cent to close at $4.14
New Zealand shares fell, led by Pushpay Holdings after the mobile app payments developer posted its first dip in quarterly revenue, while bluechip stocks a2 Milk Co, Fletcher Building and Fisher & Paykel Healthcare also declined. Infratil gained on upbeat earnings guidance.
The S&P/NZX 50 Index fell 16.05 points, or 0.2 per cent, to 8453.72. Within the index, 17 stocks fell, 27 gained, and six were unchanged. Turnover was $125 million.
led the index lower, falling 3 per cent to $4.14 after the software developer said annualised committed monthly revenue fell 19 per cent to US$86.4m in the March quarter, coming off a high during the Christmas giving period and as it gave up pursuing smaller churches.
Pushpay
Revenue doubled to US$70m in the year ended March 31, it said.
“There was a bit of a reversal as time went on,” said Grant Williamson, a director at Hamilton Hindin Greene in Christchurch. “When analysts started to drill down, it wasn’t quite as good as investors initially thought.”
The benchmark index was pushed lower by large-cap stocks, with down 1.3 per cent to $12.88, falling 1.8 per cent
declin-
Milk Fletcher Building
F&P Healthcare
to $5.90 and ing 2 per cent to $13.10.
Kiwi Property Group a2 Sky Network Television Trade Group
fell 2.9 per cent to $2.37 and declined 2.5 per cent to $4.33.
fell 1.5 per cent to $1.33 after the real estate investor said it had sold its North City Shopping Centre in Porirua for $100m to a private investor.
Synlait Milk
rose 2.3 per cent to $8.95, the biggest gain on the day after a Commerce Commission report questioned one of the components used to set Fonterra Cooperative Group’s farmgate milk price, saying the level might be inflating what the larger milk processor pays its suppliers.
Fonterra Shareholders’ Fund
$5.75. units gained 0.4 per cent to
Infratil
gained 2.2 per cent to $3.19. The Wellington-based infrastructure investor said 2018 earnings were at the top end of guidance at yesterday’s investor day briefing, and that it was considering paying special dividends when it realises gains from its de- velopment investments to supplement ordinary returns. Infratilcontrolled rose 2.1 per cent to $5.74 and advanced 1.1 per cent to $1.89.
Williamson said Infratil’s guidance was “pretty positive” and noted the prospect of special dividend payments.
Utility stocks largely weathered outages across the country’s biggest city.
port Trustpower Tilt Renewables Auckland International Air-
rose 0.2 per cent to $6.415, lines company increased 0.9 per cent to $3.25, while slipped 0.1 per cent to $4.035 and was unchanged at $3.385.
0.9 per cent to $1.09 after the stock market operator released its second consultation document on plans to simplify the listing rules.
Vector Zealand NZX increased
unchanged at $2.86.
Chorus Spark New CDL Investments,
a potential beneficiary if a lower free float is adopted, was unchanged at 94c while controlling shareholder
Millennium & Copthorne Hotels NZ
was also