Market close: Shares in holiday mode ahead of this week’s data

Tourism Holdings was up 7c or 2.06 per cent to $3.47. Photo / Supplied

The New Zealand sharemarket lacked impetus as the holiday season draws near – but it will surely be reawakened by a plethora of economic data later this week.

The S&P/NZX 50 Index fell at the opening and stayed that way, closing down 89.58 points or 0.77 per cent to 11,506.45.

There were 88 decliners and 40 gainers over the whole market, with 60.5 million shares worth $105.72m changing hands.

Jeremy Sullivan, investment adviser with Hamilton Hindin Greene, said the market was softer and trading volume was typically lighter at this time of the year. “We haven’t been getting any cues from offshore lately.”

But that may soon change. In the United States, the latest consumer price index and retail sales will be followed by the Federal Reserve interest rate move, announced on Thursday morning (NZ time). The European Central Bank and Bank of England will also be making rate decisions.

The Fed will be providing a summary of economic projections and investors are worried about the degree of the expected recession.

In Australia, there’s the business confidence survey, employment data and the manufacturing Purchasing Managers’ Index (PMI). At home, the latest net migration, house sales, food prices, third-quarter Gross Domestic Product and PMI will be revealed.

The Treasury will also be detailing its half-year economic and fiscal update. Once all this data is digested, investors should definitely have a clearer view of where the economies are heading.

Across the Tasman, the S&P/ASX 200 Index was down 0.45 per cent to 7180.4 points at 6pm NZ time.

On the New Zealand market, many of the leading stocks were weaker.

Fisher and Paykel Healthcare was down 10c to $22.48; Ebos Group declined 19c to $41.76; Auckland International Airport decreased 6.5c to $8.005; Fletcher Building shed 5c to $4.97; and Infratil shed fell 15c to $8.85.

Retirement village stocks Ryman Healthcare declined 17c or 2.66 per cent to $6.23; Summerset Group was down 21c or 2.23 per cent to $9.19; and Arvida Group was up 2c to $1.20.

Sullivan said one broker had target prices of $10.66 for Ryman and $14.80 for Summerset but “we are only halfway through the housing market fall and while this is happening there will be pressure on their cash flows.”

Oceania Healthcare, down 1c to 79c, told the market that its group general manager clinical and care services Dr Frances Hughes is leaving at the end of March after being named the National Party’s candidate for Mana at next year’s general election.

In the energy sector, Meridian was down 17c or 3.37 per cent to $4.88, Mercury declined 9c to $5.43; and Contact decreased 4c to $7.66.

Move Logistics, up 2c or 2.04 per cent to $1, has appointed Mainfreight’s New Zealand country manager Craig Evans as its new chief executive from early February. Evans spent 35 years at Mainfreight, which was down 42c to $68.55.

Synlait Milk continued its good run, rising 11c or 3.1 per cent to $3.66; Port of Tauranga gained 10c to $6.30; and Tourism Holdings was up 7c or 2.06 per cent to $3.47. The rarely-traded Auckland Real Estate Trust surged 14c or 17.22 per cent to 93c on three trades worth $387.

Delegat Group was up 20c or 2 per cent to $10.20; Fonterra Shareholders’ Fund gained 4c to $3.24; and Smartpay Holdings increased 2.5c or 2.34 per cent to $1.095.

AFT Pharmaceuticals was down 12c or 3.27 per cent to $3.55; Scales Corp declined 15c or 3.24 per cent to $4.48; Ventia Services fell 15c or 5.26 per cent to $2.70; Comvita decreased 7c or 2.2 per cent to $3.11; Vulcan Steel shed 18c or 1.98 per cent to $8.92; and Eroad was down 8c or 6.78 per cent to $1.10.

Retailers Hallenstein Glasson declined 15c or 2.78 per cent to $5.25; KMD Brands was down 2c or 1.87 per cent to $1.05; and Briscoe Group was up 10c or 2.11 per cent to $4.85.

Other decliners were The Colonial Motor Company, down 14c to $9.70; Serko decreasing 7c or 2.75 per cent to $2.48; SkyCity Entertainment shedding 7c or 2.63 per cent to $2.59; and TradeWindow falling 9c or 14.06 per cent to 55c, after reaching a high of $2.80 on January 5.

Skellerup Holdings declined 7c to $5.24; Goodman Property Trust slipped 5c or 2.42 per cent to $2.02; Seeka was down 5c to $3.10; and medical cannabis firm Greenfern Industries decreased 0.004c or 4.88 per cent to 7.8c.

NZME, unchanged at $1.16, told the market it has extended its debt facilities, with a limit of $50m, through to January 31 2026. The facilities with Westpac and Commonwealth Bank of Australia were due to expire on July 1 next year.