Market close: NZ sharemarket goes its own way as Wall St, ASX fall

Photo / NZME

The New Zealand sharemarket, underpinned by Fisher and Paykel Healthcare's strength, held its ground on light trading while its Australian counterpart suffered a sharp fall.

The S&P/NZX 50 Index was up 8.72 points or 0.08 per cent to 11,609.82, after reaching an intraday low of 11,547.65.

There 44 gainers and 93 decliners over the whole market, with 25.47 million shares worth $87.47 million changing hands.

Over the past week there has been a sell-off in overseas markets after United States Federal Reserve chair Jerome Powell said the central bank would continue hiking interest rates to control inflation.

But the New Zealand market has gone its own way. The NZX 50 Index finished August with a gain of 0.9 per cent.

"It's surprising how well our market has held up with so many people talking doom and gloom, and sometimes it pays to be at the end of the world," said Greg Main, Jarden Wealth Management adviser.

"It feels like the market is treading sideways while it waits for the next Federal Reserve meeting (on September 21). There is talk of a 75 basis points increase in interest rates."

Across the Tasman, the S&P/ASX 200 Index was down 1.77 per cent to 6863.3 points at 5.45pm and heading for its lowest close since July 27. Heavyweight BHP Group had fallen 7.16 per cent to A$37.69 ($42.17).

At home, Fisher and Paykel Healthcare was one of the few leading stocks to make headway, gaining 29c to $19.95.

Fisher & Paykel Healthcare told the market it is buying a 105ha site in Karaka, Auckland for $275m to develop its second New Zealand manufacturing campus over the next 20 to 30 years. It will complement the existing Highbrook campus in East Tamaki.

Energy stocks lent a hand with Mercury up 5c to $5.85 and Contact increasing 4c to $7.92.

Global marketer a2 Milk continued its climb, gaining 11c or 1.77 per cent to $6.34. Synlait was down 6c to $3.42.

Auckland International Airport gained 9c to $7.65, Ebos Group put on 47c to $39.11; Freightways improved 9c to $10.31; Sky Network Television was up 4c to $2.51;

Michael Hill International added a further 3c or 2.36 per cent to $1.30; and Marlin Global Fund increased 3c or 2.73 per cent to $1.13.

The big banking groups were hit by the Australian sell-off. Westpac Banking Corporation fell 47c or 1.94 per cent to $23.80 and ANZ Banking Group was down 40c to $25.30. Fuel supplier Ampol declined 55c to $37.60.

Spark was down 7c to $5.35; Chorus declined 5.5c to $7.96; Fletcher Building decreased 6c to $5.54; Summerset Group Holdings fell 22c or 1.99 per cent to $10.83; and Scales Corporation shed 8c to $4.65.

Other decliners were Vista Group shedding 5c or 2.7 per cent to $1.80; AFT Pharmaceuticals decreasing 5c to $3.45; Rakon tumbling 4c or 3.03 per cent to $1.28; Harmoney down 2c or 2.6 per cent to 75c; Plexure Group losing 1.5c or 3.95 per cent to 36.5c; and My Food Bag down 2c or 2.86 per cent to 68c.

SkyCity Entertainment was unchanged at $2.85 following a report that its $220m sale of 3000 car parks to Macquarie may be in jeopardy because it is not able to hand over all the assets by October 22 because of fire damage.

SkyCity is already making payments to compensate Macquarie for car parks not made available under the concession agreement.

Napier Port Holdings, up 2c to $2.98, is launching a $75m five-and-a-half-year fixed rate bond with the ability to accept $25m in over-subscriptions.

Cervical cancer screening firm TruScreen Group increased 0.003c or 6.38 per cent to 5c after telling the market it has organised a five-year manufacturing contract with its main supplier Zapco International for single-use sensors.