Fonterra Shareholders’ Fund increased 19c or 5.28 per cent to $3.79 after the Global Dairy Trade price index was up 2.5 per cent as demand around the world picks up.
Synlait Milk, however, was down 6c or 3.9 per cent to $1.48, and a2 Milk was up 3c to $5.75.
The local market was undaunted with a further interest rate rise in the United States, after the Federal Reserve increased its funds rate an expected 25 basis points to a target range of 5-5.25 per cent.
Fed chair Jerome Powell did hint that the door was open to a rate pause but not at this stage, and further decisions would be driven by incoming data.
“In determining the extent to which additional policy firming may be appropriate to return inflation to 2 per cent over time, the committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments,” the Fed said.
David McConnochie, investment adviser with Forsyth Barr, said the local market had “a pretty solid” day but the banks were weak after National Australia Bank, owner of BNZ, said its margins were squeezed in announcing the half-year result.
Westpac declined 70c or 2.97 per cent to $22.90, and ANZ was down as low as $24.57 before turning around and finishing 4c ahead at $25.75.
Briscoe Group, up 6c to $4.51, reported a 2.82 per cent increase in sales to $181.2m for the first quarter ending April, with homeware up 2.85 per cent to $109.9m and sporting goods gaining 2.78 per cent to $71.3m compared with the same quarter last year.
Briscoe said “we expect it to be difficult for the group to replicate last year’s record profit result, but are confident we are well placed to outperform our retail peers.”
Auckland International Airport gained 17c or 1.97 per cent to $8.82; Ebos Group was up 25c to $44.05; Mainfreight increased 80c to $72.10; Fletcher Building added 7c to $4.66; and Port of Tauranga collected 7c to $6.38.
Seeka was up 7c or 2.66 per cent to $2.70; Vital Healthcare Property Trust added 4c to $2.32; Delegat Group increased 15c to $9.26; Gentrack gained 6c to $3.46; Scales Corp rose 15c or 4.81 per cent to $3.27; and Vista Group improved 3c or 2.4 per cent to $1.28.
The retirement village sector was stronger. Ryman Healthcare was up 11c or 2.09 per cent to $5.37; Summerset Group gained 11c to $8.30; Arvida Group improved 2c or 1.98 per cent to $1.03; and Oceania Healthcare added 1c to 70c.
In the energy sector, Contact increased 13c to $7.95, and Meridian was up 5c to $5.45.
Mercury Energy, declining 1.5c to $6.395, told the market that its Turitea Wind Farm in Manawatu, the country’s biggest, has now been completed. The 33 northern turbines have been generating since December 2021 and the southern 27 turbines will be fully operational by next month.
Turitea produces an average 840GWH a year, enough to power 120,000 households, and adds 2 per cent renewable energy to the national grid.
Market leader Fisher and Paykel Healthcare was down 23c to $27.27; Restaurant Brands declined 21c or 2.78 per cent to $7.34; Michael Hill decreased 3c or 2.75 per cent to $1.06; Smartpay Holdings shed 4c or 2.47 per cent to $1.58; Vital fell 1.5c or 6.38 per cent to 22c; and Carbon Fund was down 4c or 2.23 per cent to $1.75.
Utilities software company ikeGPS gained 3c or 3.66 per cent to 85c after updating the market with a 93 per cent rise in revenue to $30.8m for the 12 months to March. Fourth quarter sales included winning nearly one new enterprise customer a week, including another large electricity utility operating on the United States east coast.
Chatham Rock Phosphate gained 0.007c or 4.67 per cent to 15.7c after reporting that Monash University has completed the first step in its tests to produce monocalcium phosphate at its Queensland Korella Mine.
Booster Innovation Fund, unchanged at $1.432, has added Upstream Medical to its portfolio with an investment of $262,500. Upstream is developing a unique test for rapid and accurate diagnostics of specific heart conditions.
