United States markets were weaker, with the S&P 500 declining 0.45 per cent to 4328.82 points and Nasdaq Composite down 1.16 per cent to 13,335.78, while the Dow Jones Industrial Average was flat on 33,714.71.
The high-flying Nasdaq has fallen 3.38 per cent over the last three trading days, led down by Tesla, Apple and Alphabet Group (Google). In the last trading session, Tesla declined 6.l06 per cent to US$241.05 (NZ$389.98).
At home, the dual-listed banking stock Westpac was up 57c or 2.56 per cent to $22.87 on a slightly weaker Kiwi dollar against the Australian.
Ebos Group recovered 46c to $35.95; Fisher and Paykel Healthcare was up 28c to $23.76; Meridian Energy gained 9c to $5.40; and Tourism Holdings increased 9c or 2.43 per cent to $3.80.
Comvita declined 5c or 1.79 per cent to $2.75 after telling the market it had record sales in the 618 (June 1-18) e-commerce shopping festival in China. Sales improved more than 12 per cent compared with last year and its Manuka honey brands were number one on Tmall, Tmall Global and Tmall Supermarket and also No 1 in JD, Hema and TikTok.
Kiwifruit grower Seeka collected 17c or7.39 per cent to $2.47; Manawa Energy was up 8c to $4.79; Pacific Edge recouped 1.2c or 15.58 per cent to 8.9c; and ikeGPS improved 3c or 4.05 per cent to 77c.
Ventia Services increased 7c or 2.24 per cent to $3.20 following the announcement of securing a large Australian Defence Department maintenance contract.
Mainfreight declined 85c to $71.10 after commenting in its annual report that trading in the first six months of the 2024 financial year will be challenging, with weakness in volumes and activity. Chairman Bruce Plested warned of a “difficult and weak” macroeconomic environment over the next few years.
The retirement village operators were softer, with Summerset Group down 10c to $9.35, Ryman Healthcare declining 5c to $6.48, and Arvida Group decreasing 2c or 1.67 per cent to $1.18.
Goodson said there was an increasing view or hope that the housing market was starting to find a bottom but sales volume was still low.
In its latest report, ANZ Research said based on latest data the housing market was indeed tightening with house prices on the cusp of lifting. Prices in Auckland rose 0.2 per cent in May.
“We are anticipating only a very mild pickup in house prices in the second half of the year, but currently the risks are looking tilted towards this being too conservative. Mortgage rates are higher, but household incomes are looking resilient, and net migration, while easing, is still startling,” ANZ said.
Infratil was down 10.5c to $9.73; a2 Milk shed 11c or 2.06 per cent to $5.24; AFT Pharmaceuticals declined 10c or 2.74 per cent to $3.55; and Vista Group decreased 3c to $1.68.
Green Cross Health declined 3c or 2.24 per cent to $1.31; Smart pay Holdings was down 0.5c or 0.29 per cent to $1.715; Colonial Motor Company shed 34c or 3.74 per cent to $8.75; and Carbon Fund fell a further 11c or 8.46 per cent to $1.19.