Kiwi Property top mover as index slips
Shares take a breath after weighty gains through November
The property stocks staged a minor rally after lagging last month on a day when the New Zealand sharemarket took a breather from its recent lofty gains.
The S&P/NZX 50 Index drifted in a narrow range, closing 38.61 points or 0.3 per cent down at 12,729.91, after reaching a high of 12,769.15. In contrast, the Australian S&P/ASX 200 Index had a strong day, rising 1.09 per cent to 6588.80 at 5.45pm (NZ time) after shedding more than 100 points the day before.
Locally, there were 80 gainers and 62 decliners over the whole market on solid volume of 59.79 million share transactions worth $210.71 million.
“There’s been a little bit of strength in the Kiwi property stocks after reversing gains in November compared with the prior month,” said Matt Goodson, managing director of Salt Funds Management.
The New Zealand property index slipped 0.6 per cent, while the Australian and global indices for listed property companies went up more than 13 per cent.
The biggest mover was Kiwi Property, up 2.5c or 2.10 per cent to $1.215. Argosy rose 2.5c or 1.68 per cent to $1.515, Precinct gained 1.5c to $1.735, and Asset Plus edged ahead 1c or to 34c. Property for Industry reported the valuation of its 94 properties is expected to increase $75m or 5 per cent to $1.634 billion. Its share price increased 2.5c to $2.925.
After the late surge in trading and prices the day before when the investment funds rebalanced their weightings in the MSCI World Index, there was some correction in the local market.
“There weren’t any major local weighting changes in the index . . . but the sheer size of the passive funds can move the market,” said Goodson.
Fisher & Paykel Healthcare,
which went up 5.8 per cent the day before, fell 41c to $35.51; Meridian Energy, up 4.05 per cent, finished at $6.44; and Mainfreight, up 3.12 per cent, lost $1.37c or 2.2 per cent to $61.02.
Others that had been sold off lately rebounded. Pushpay Holdings,
which provides an online donor platform, rose 11c or 6.21 per cent to $1.88; Fletcher Building was up 16c or 2.86 per cent to $5.76 and Ebos Group
increased 29c to $25.19. Personal lender Harmoney continues to fall after listing last week on the NZX and ASX exchanges, losing 4c to $3.31. Cannabis firm Rua Bioscience
moved away from its listing price of 50c, gaining 3 or 5.36 per cent to 59c.
Sky Network Television surprised the market by announcing the resignation of its chief executive Martin Stewart who is returning to England, and its share price fell 0.06c or 3.57 per cent to 16.2c.
SkyCity Entertainment said its Adelaide casino is operating without Covid restrictions and new gaming areas, a 120-room luxury hotel, three restaurants and two bars will be opening there this week.
SkyCity’s share price edged ahead 1c to $3.06.
Professional director Susan Peterson takes over from Kirk Senior as executive chair of cinema software firm Vista Group on December 31 and its share price remained unchanged at $1.75.