Market close: NZ shares take breather after busy week

The sharemarket took a breather after a busy week. Photo / NZME

A flustered New Zealand sharemarket took a breather after a busy week of company financial results, Reserve Bank postponement of raising the official cash rate, and of course the Covid developments and continuing nationwide lockdown.

The S&P/NZX 50 Index followed up its biggest single day rise for the year by falling 16.48 points or 0.13 per cent to 12,940.49 in choppy trading. The index, however, closed the week ahead by 0.73 per cent.

The index had fallen to an intraday low of 12,923.97 points and interestingly had a late afternoon surge after the government announced the whole country would remain in lockdown, at least till midnight Tuesday.

There were 64 gainers and 73 decliners over the whole market, and 55.47 million shares worth $161.97 million changed hands.

Greg Smith, head of research with Fat Prophets, said the market ended the week on a soft note after a flurry of announcements from companies, the Reserve Bank and government.

"There has been a lot going on for investors to digest, and the market was pausing for a breath after some positive moves this week. It looks like we are seeing a rotation back to stay-at-home stocks which benefit from the lockdown with online sales," he said.

One stay-at-home stock My Food Bag climbed 6c or 4.55 per cent to $1.38 on the day of its annual meeting. The meal kit company told shareholders its 2022 outlook remains consistent with its listing prospectus forecast of $186.4m revenue, $34.2m operating earnings (ebitda), and dividend of 7c a share.

Another Briscoe Group, which operates online sales, rose 21c or 3.5 per cent to $6.21, but Hallenstein Glasson, with a similar operation, was down 12c to $6.75.

Auckland International Airport was up 8c to $7.15 following its annual result. The airport is developing a Green Star fashion precinct outside the terminals with more than 100 stores and food outlets, providing lettable area of 23,000sq m and generating more than 500 jobs

Vista Group International's Movio management and data analytics business extended its agreement with Vue International for another three years, and Vista's share price rose 3c to $2.18. Vue operates 226 cinema complexes in nine countries in Europe, UK and Taiwan.

Property for Industry gained 3c to $2.96 after reporting a strong six-month result based on a portfolio revaluation gain of $248.2m. The property company's revenue increased 507 per cent to $306.46m and profit surged 1648 per cent to $273.54m. The portfolio of 96 properties and 148 tenants is valued at $2 billion. Precinct Properties was down 3.5c or 2.1 per cent to $1.635.

Fisher and Paykel Healthcare was up 14c to $33.79; Ryman Healthcare rose 23c to $14.75; Serko increased 12c to $7.17; Port of Tauranga gained 5c to $7.30; and Marsden Maritime Holdings collected 12c or 1.98 per cent to $6.17.

Z Energy increased 5c to $3.05; Scott Technology picked up 9c or 3.15 per cent to $2.95; Harmoney climbed 5c or 2.6 per cent to $1.97; and carpet maker Cavalier gained 2c or 3.45 per cent to 60c.

The day's biggest mover was Geneva Finance, up 6c or 8.45 per cent to 77c.

Fletcher Building was down11c to $7.73; a2 Milk declined 10c to $6.84; Synlait Milk fell 13c or 3.63 per cent to $3.45; Mainfreight discarded 75c to $85.75; and Restaurant Brands decreased 20c to $15.50.

Sanford fell 9c or 1.88 per cent to $4.70; Arvida lost 4c or 1.92 per cent to $2.04; Foley Wines shed 6c or 3.9 per cent to $1.48; and NZME was down 6c or 6.45 per cent to 87c.

Amongst the energy companies, Mercury declined 6c to $6.74, and Genesis decreased 6c to $3.33.

Following its record annual result, Skellerup Holdings has bought Christchurch-based engineered plastic products company Talbot Technologies for $10m. Skellerup's share price was down 5c to $5.45.