Tourism Holdings leads market down
New Zealand shares fell, with investors locking in recent gains from Fisher & Paykel Healthcare after the medical humidifier and breathing mask maker reported another record profit.
The S&P/NZX 50 Index declined 74.65 points, or 0.7 per cent, to 10,147.71. Within the index, 27 stocks fell, 14 rose, and nine were unchanged. Turnover was $82.7 million.
F&P Healthcare fell 3.5 per cent to $16.08 on a volume of 377,000 shares, almost half its 90-day average of 662,000. The manufacturer topped $1 billion in annual revenue for the first time and lifted profit 10 per cent to $209.2m in the March year. It also flagged earnings growth of at least 14 per cent for the current financial year.
“That was a very good result. It was the top-end of the guidance range provided and gave a pretty good
outlook as well,” said Peter McIntyre, an investment adviser at Craigs Investment Partners. “For a stock that’s had a reasonable run into the result, it was also going to be the case that there was a bit of profit taking off it when it actually arrived.”
Tourism Holdings led the market lower, down 3.7 per cent at $4.14 with 204,000 shares changing hands, more than its 134,000 average. The rental RV operator announced plans to scale back capital spending in the US, where a downturn in the market has dented operations.
Air New Zealand slipped 0.4 per cent to $2.71 on a volume of 735,000, less than three-quarters of its usual trading. The airline announced a multi-billion dollar investment in new Boeing planes. Separately, it downgraded annual earnings guidance due to more expensive jet fuel and warned of slower growth over the next three years.
Big-box retail property owner
Investore was the most traded stock on an unusually large volume of 2.6 million shares, compared to its usual 164,000, rising 1.2 per cent to $1.75.
Pushpay Holdings fell 1.6 per cent to $3.80 on a volume of 2.1 million shares, Infratil fell 1.3 per cent to $4.30 on 1.6 million and Chorus was down 1.3 per cent at $5.57 on a volume of 1 million. Spark New Zealand, which
typically trades on volumes of more than 5.8 million shares, rose 1.2 per cent to $3.80 on a volume of 921,000 shares. Vista Group Entertainment
posted the biggest increase on the benchmark index, up 2.6 per cent at $5.94. It holds its annual meeting in Auckland tomorrow. Mainfreight, which reports today, was up 2.2 per cent at $36. Arvida Group also reports today and was unchanged at $1.30.
Outside the benchmark index, Evolve Education dropped 9.5 per cent to 13.4 cents after writing down the goodwill of its business by more than $100m and reporting an annual loss of about the same size.
Of other firms reporting today, Blis Technologies rose to 4 cents and Eroad gained 4 per cent to $3.09.