NZX 50 down 0.09%, Ryman loses 7%
The New Zealand sharemarket started the week with a 10-point slip, failing to capitalise on Wall Street’s rally on Friday.
The benchmark S&P/NZX 50 Index ended yesterday down 0.09% at 11,157.66 points following a small decline on Friday.
‘‘Our market’s given up its gains this afternoon,’’ said investment adviser Peter McIntyre, of Craigs Investment Partners.
‘‘Economic data out of China has been weaker, which has driven
Asian markets. We have progressively got softer as the day’s moved into the final close.’’
Stocks that were trading up significantly had been beaten up in recent times – Synlait Milk, up 2.2% at $3.18 a share, a2 Milk, up 2.4% at $4.56, and Fletcher Building, up 2.2% at $6.01.
Retirement village operator Ryman Healthcare was among the stocks to decline yesterday, slashed by 7.7% to $8.66 a share.
‘‘That’s quite an aggressive selloff with Ryman, I think [because of] concerns around the Auckland housing market and concerns about developments in
Melbourne and development costs rising,’’ McIntyre said.
Spark was down 1.8% at $4.81 a share, and Skellerup fell 1.6% to $5.30.
Manawa Energy, formerly Trustpower, released its annual financial result that showed earnings before interest, tax, depreciation and amortisation of $204 million, in line with expectations. Manawa shares closed up 1.1% at $7.03 each.
Top stock Fisher & Paykel Healthcare was flat at $21.05.
Among other blue-chip stocks, Auckland Airport rose 1.5% to $7.41, Mainfreght was up 0.6% at $72.70, Ebos Group fell 1.3% to $39.45, Meridian Energy rose 0.6% to $4.50, and Contact Energy was up 0.1% at $7.41.
Investors were looking to the
Government’s Budget to be released on Thursday, McIntyre said, and there were a number of financial results and annual shareholder meetings scattered throughout the week in the May ‘‘mini reporting season’’.
Across the Tasman, Australia’s benchmark S&P/ASX 200 Index was up 18 points, or 0.2%, at 7093.3.
Shares across Asian markets were mixed as investors eyed surging energy costs and prospects for interest rate hikes in the United States.
Benchmarks edged up in Japan and Australia, while falling in South Korea and China.