Gloomy slide follows another US dive

Ryman Healthcare stood out like a beacon as the beleaguered New Zealand sharemarket fell more than 1 per cent following another dive on Wall Street.

The S&P/NZX 50 Index did recover in the afternoon but closed down 152.24 points or 1.34 per cent to a twoyear low of 11,229.45, after hitting an intraday 11,149.48. The index has now fallen 4.48 per cent in the last three trading days.

There were only 16 gainers and 131 decliners over the whole market, with 68.56 million shares worth $158 million changing hands.

The Australian S&P/ASX 200 Index had fallen 1.22 per cent to 7033.9 points at 6pm NZ time. The NZ dollar was at US63.37c against the American greenback after falling to an intraday low of US62.82c.

Matt Goodson, managing director of Salt Funds Management, said the Australian and New Zealand markets lifted off their lows with US futures pointing to a stronger night on Wall Street — S&P 500 futures was up 0.5 per cent and Nasdaq Composite up 0.8 per cent.

“Markets are waking up to the fact there isn’t any central bank backstop of economic stimulus. That has been removed and in the short term there is sentiment that markets are in oversold territory. But long term interest rates have risen and central banks are still lifting them, and that’s what the markets are reacting to.

“The Chinese lockdown and the Ukraine war are exacerbating the inflationary pressures,” Goodson said.

The S&P 500 went under the 4000 points mark for the first time in 13 months, falling 3.2 per cent to 39091.24.

It was at 3972.89 points on March 31 last year.

Dow Jones Industrial Average declined 1.99 per cent to 32,245.70; and the distraught Nasdaq Composite was down 4.29 per cent 11,623.25.

The Nasdaq has fallen 10.7 per cent over the last 10 trading days.

At home Ryman Healthcare, which has been among the battered stocks, recorded the day’s biggest single rise, gaining 56c or 6.74 per cent to $8.87 and climbing off its low of $8.31. It hit a high of $15.80 on September 6 last year.

Ryman — there is concern over its debt level — has been hampered by a slowing housing market like the other retirement village operators.

Summerset Group Holdings was down 21 or 1.96 per cent to $10.49, and

Arvida Group declined 3c or 1.97 per cent to $1.49.

Beating back the sea of red, Mercury Energy was up 14c or 2.48 per cent to $5.79, and Skellerup Holdings increased 13c or 2.4 per cent to $5.55.

Property companies were softer.

Argosy was down 3.5c or 2.75 per cent to $1.24; Property for Industry declined 5c or 2.01 per cent to $12.44;

Stride fell 5c or 2.78 per cent to $1.75; and Kiwi Property decreased 2c or 1.95 per cent to $1.1005.

Air New Zealand fell 6.5c or 8.5 per cent to 70c. Fisher and Paykel Healthcare was down 24c to $21.26;

Mainfreight shed $1.98 or 2.57 per cent to $75.02; Ebos Group fell $1.45 or 3.48 per cent to $40.20; Fletcher Building declined 18c or 2.99 per cent to $5.84; and Contact Energy decreased 14c or 1.84 per cent to $7.45.

Spark declined 11.5c or 2.36 per cent to $4;.75; Chorus decreased 11c to $7.08; Freightways was down 25c or 2.2 per cent to $11; Restaurant Brands shed 20c to $12.50; and DGL Group fell a further 12c or 3.66 per cent to $3.16.