Matt Goodson, managing director of Salt Funds Management, said it was a pretty strange day with Air New Zealand trading as high as $1.07.
"It's quite an unusual offer from Air New Zealand with one right allowing investors to bid for two shares, not one, in the airline. I think people don't quite understand that when the stock goes ex-rights they are buying something that will finish up having three times more shares on issue.
"The shares are also traded heavily in Australia but there's no rights trading there – only in New Zealand. It's all a bit bizarre. Air New Zealand's current share price is well north of most analysts' estimates, and there clearly has been some misunderstanding."
Goodson suggested that the Air New Zealand shares should have been trading around 77.5c.
Fletcher Building fell 17c or 2.66 per cent to $6.21 on fears of the slowdown in the housing market and supply shortages such as gib board.
Chorus fell 16.5c or 2.24 per cent to $7.195; EBOS Group declined 36c to $40.50; Mainfreight shed $1.75 or 2.1 per cent to $80.50; Auckland International Airport decreased 8.5c to $7.66; and Ryman Healthcare was down a further 12c to $9.05.
Fisher and Paykel Healthcare was up 20c to $24.70; Oceania Healthcare rose 5c or 4.67 per cent to $1.12; NZME gained 5c or 2.94 per cent to $1.75; and Serko collected 7c or to $4.82.
Pacific Edge continued its revival, rising 4c or 4.04 per cent to $1.03; Ventia Services Group was up 8c or 2.99 per cent to $2.76; DGL Group gained 12c or 3.32 per cent to $3.73; and Green Cross Health increased 6c or 4.55 per cent to $1.38.
Vulcan Steel rose 39c or 4.09 per cent to $9.93. Vulcan told the market last week it has increased its credit facility limit to $250m, from $200m.
Among the retailers, The Warehouse Group was up 8c or 2.44 per cent to $3.36, and Briscoe Group was down 8c to $5.75.
Trustpower told the market that all conditions for the sale of its retail business, with 234,000 customers, for $441m to Mercury Energy have been met and the deal is expected to be completed on May 1.
After that, Trustpower's generation and commercial sales business will be renamed Manawa Energy. Trustpower's share price was up 6c to $7.08 and Mercury gained 1c to $5.99. Infratil, which has a 51 per cent shareholding in Trustpower, increased 2c to $8.18.
Goodman Property Trust's $100m, five-year green bonds offer has opened and will attract a minimum interest rate of 4.5 per cent. Goodman will also accept over subscriptions of up to $50m and its share price was down 4c to $2.37.
Other decliners were Port of Tauranga, down 10c to $6.08; Napier Port, also falling 10c or 3.31 per cent to $2.92; Skellerup Holdings decreasing 11c or 1.82 per cent to $5.95; Tourism Holdings losing 9c or 3.05 per cent to $2.86; and Arvida shedding 4c or 2.33 per cent to $1.68.
Pushpay Holdings fell 5c or 4.31 per cent to $1.11; Vista Group was down 7c or 3.85 per cent to $1.75; Comvita declined 7c or 2.02 per cent to $3.40; and Fonterra Shareholders' Fund shed 6c to $3.32.
SkyCity Entertainment, has completed its €25m ($39.82m) investment in Gaming Innovation Group, becoming its largest independent shareholder with 11 per cent. SkyCity's share price was unchanged at $2.89.
Enprise Group increased 4c or 3.33 per cent to $1.24. Last week technology investor Enprise told the NZX it is meeting continuous disclosure requirements after receiving an enquiry about the 33.3 per cent increase in its share price from 90c on March 23 to $1.20 on March 31.
