He said a2 Milk was looking to buy a production facility and that could be seen as an area of increased risk, though some would say it's a move to manage risk.
"Fisher and Paykel has had one helluva run, they gave an earnings upgrade at their annual meeting, and it feels like profit-taking is involved. Fisher and Paykel is up 50 per cent this year and a2 Milk 30 per cent, and in a market that has struggled to break even because of Covid, I can understand investors taking some profits," said Ward.
ANZ chief economist Sharon Zollner said business activity indicators slipped a little from their early-August preliminary reads, but on the whole were relatively robust to the re-emergence of Covid-19 in the community on August 12. "The fact remains that activity indicators are sitting at levels consistent with recession."
Mainfreight was down 55c to $47.99; Fletcher Building gained 6c or 1.7 per cent to $3.59; and wine company Delegat Group increased 62c or 4.58 per cent to $14.15.
Among the market-moving energy stocks, Meridian fell 24c or 4.51 per cent to $5.08, Mercury was down 22c or 4.07 per cent to $5.19 and Trustpower decreased 20c or 2.87 per cent to $6.77. Vector was up 4c to $4.48 and Genesis also gained 4c to $3.02.
Abano Healthcare's board is backing a new takeover bid from BGH Capital and Ontario Teachers' Pension Plan at $4.45 a share, representing an equity value for Abano of $117m and enterprise value of $256m.
Abano's share price shot up $1.09 or 41.76 per cent to $3.70, despite reporting a net loss of $48.73 that included impairments worth $45.5 for the full-year ending May. Abano had a profit of $7.6m in the previous and its latest revenue was $244.11m, down 12.6 per cent from $279.3m.
The long-standing Colonial Motor Company, owner of 12 Ford dealerships, climbed 30c or 3.87 per cent to $8.05. Colonial said last week its full-year revenue was down 17 per cent to $754.92m and trading profit fell 21 per cent to $17.3m. It is paying a final dividend of 32c a share on October 5.