Market Close: NZ shares hang tough as Australian index tumbles

Health workers in Beijing. Fears of economic damage to China hit stocks in Australia. Photo / AP

The New Zealand sharemarket proved resilient as its Australian counterpart fell sharply with its dominant resources sector being hit by the volatile commodity prices.

The S&P/ASX 200 Index had fallen 1.86 per cent to 7334.4 points at 5.45pm NZ time, while the S&P/NZX 50 Index fared better, declining 95.21 points or 0.8 per cent to 11,813.18 at the close.

There were 99 decliners and 38 gainers on the local market with 56.67 million shares worth $175.18m changing hands.

Matt Goodson, managing director of Salt Funds Management, said the market put in a solid performance given the weakness overseas and a sharp sell-off in Australia.

""There is a concern over a China slowdown partly due to the lockdowns, and the Chinese currency has fallen sharply. Tighter monetary policy decisions are feeding through to slower economic growth and commodity prices are down," Goodson said.

On the Australia market, BHP was down 5.28 per cent to $A45.92 ($NZ49.93); Fortescue Metals had fallen 6.45 per cent to $19.85 ($21.58); and Rio Tinto had declined 3.66 per cent to $109.44 ($119).

Locally, Pushpay Holdings – which has an online donor management system for churches and others – provided excitement on takeover speculation. Pushpay surged 25c or 24.27 per cent to $1.28 on volume of 4.28m shares worth $5.4m.

Pushpay told the market "it has received unsolicited and conditional expressions of interest from third parties looking to acquire the company." Pushpay confirmed its full-year operating earnings guidance of US$61.5-US$63.5m ($92.7-$95.7m).

Vulcan Steel rose 36c or 3.61 per cent to $10.33 after reporting a 34 per cent year on year increase in revenue at the nine month mark ending March. Vulcan has lifted its guidance for the third time since listing in early November – with Ebitda increasing to $236m-$242m from $194m-$204m, and net profit to $136m-$140m from $107m-$114m.

Steel & Tube benefited from the Vulcan upgrade, rising 8c or 5.41 per cent to $1.56.

Fisher and Paykel Healthcare was down 38c to a new low of $21.91; Auckland International Airport declined 12c to $7.73; Mainfreight shed $1.59 or 1.98 per cent to $78.91; a2 Milk decreased 13c or 2.58 per cent to $4.90; and Synlait was down 7c or 2.03 per cent to $3.38.

Air New Zealand rights finished trading at 70c, down 3.8c or 5.15 per cent, while the ordinary shares declined 0.005c to 89c.

The leading banks were down, ANZ Banking Group declining 31c to $30.15, and Westpac Banking Corporation falling 51c or 1.92 per cent to $26.01. Chorus declined 10c to $7.29.

Contact Energy decreased 15c or 1.85 per cent to $7.96 after global investment manager BlackRock Inc reduced its shareholding to 4.925 per cent, from 6.147 per cent, following the rebalancing of the S&P Global Clean Energy Index.

Mercury, down 2c to $5.89, is considering a $200m capital bonds issue, plus over subscriptions up to $50m, and proceeds will refinance drawn debt relating to the Trustpower retail business purchase. Meridian declined 10c or 2.07 per cent to $4.73.

Michael Hill International, down 2c to $1.27, is selling its in-house Canadian credit receivables to Flexiti Financial Inc, and expects to receive $12m (NZ$13m) for the sale in early June.

Wine exporter Delegat Group decreased 38c or 2.95 per cent to $12.50; Restaurant Brands was also down 38c or 2.92 per cent to $12.62; DGL Group shed 13c or 2.89 per cent to $4.37; Gentrack declined 10c or 5.71per cent to $1.65; Stride Property lost 4c or 2.04 per cent to $1.92; and Just Life Group fell 4c or 5.88 per cent to 64c.

Amongst the gainers, Briscoe Group increased 7c to $5.83; Accordant Group rose 16c or 8.47 per cent to $2.05; My Food Bag gained 4c or 4.3 per cent to 97c; and Scott Technology was up 6c or 1.95 per cent to $3.13.

Carpet maker Bremworth increased 3c or 4.84 per cent to 65c after telling the market it has received co-funding from the Government Investment in Decarbonising Industry Fund for its Napier and Whanganui plants.

Transport and logistics software firm TradeWindow, down 5c or 2.75 per cent to $1.77, is reorganising its senior leadership team, and is partnering with PortConnect to provide an additional service to customers – showing the status of cargo on the sea and at ports.

SMW Group, which is planning to delist, fell 45c or 47.37 per cent to 50c.

Marlborough Wine Estates Group's harvest is 12 per cent bigger than expected and is forecasting net profit of $300,000-$400,000 for the 2022 financial year – compared with a loss of $600,000 in the previous year. Marlborough's share price increased 0.005c or 2.13 per cent to 24c.

Christchurch-based WasteCo Holdings is making a reverse takeover of listed shell company Goodwood Capital, which last traded at 3.8c. WasteCo has revenue of more than $19m and operating earnings (Ebitda) of $4m.