F&P and Ryman help lift sharemarket higher
New Zealand shares gained yesterday, turning around from recent weakness, with both Fisher & Paykel Healthcare Corp and Ryman Healthcare leading stocks higher.
The S&P/NZX50 index rose 37.95 points, or 0.4 per cent, to 8955.54.
Within the index, 19 stocks rose, 18 fell and 13 were unchanged. Turnover was $126.5 million.
“The market was firmer but it is certainly down a little bit for the week, which is a bit unusual,” said Grant Williamson, director at Hamilton Hindin Greene.
“The turnaround was driven by a couple of stocks — there is a bit of bargain-hunting in the higher-yield stocks.”
The index dropped 0.8 per cent overall throughout the week.
Fisher & Paykel Healthcare was the day’s best performer, up 2.1 per cent to $14.85.
Ryman Healthcare rose 2 per cent to $12.24 and Port of Tauranga gained 2 per cent to $5.11.
Spark New Zealand gained 1.2 per cent to $3.89.
“It has been trending up nicely for a wee while now and it’s approaching recent highs from last year — it’s only a few cents away.
“It’s a pretty good dividend-yielding stock,” Williamson said.
A2 Milk Co was unchanged at $10.75, but
A2 has been drifting a little in recent times. It’s at a low for the month and maybe the lack of news is driving that. Grant Williamson
traded lower throughout the day.
“A2 has been drifting a little in recent times.
“It’s at a low for the month and maybe the lack of news is driving that,” Williamson said.
“One or two analysts have cut their target price for the stock so that might be creating a bit of selling from investors.”
Pushpay Holdings was the worst performer, down 2.9 per cent to $4.06, while Vector fell 1.8 per cent to $3.31 and Investore Property dropped 1.3 per cent to $1.51.
Outside the benchmark index, SeaDragon was unchanged at 0.4 of a cent. Its proposed funding transaction is not fair to non-associated shareholders but the positives outweigh the negatives given the position the company is in, according to independent advisers Campbell MacPherson.