Market close: NZX lacking direction - but Mercury rising

Mercury reached a four-month high, rising 18c or 2.83 per cent to $6.54.

The New Zealand sharemarket made a small gain but lacked real direction, while leading energy stock Mercury reached a four-month high.

The S&P/NZX 50 Index was up and down for most of the day but settled later in the afternoon to close at 11,564.98, up 14.78 points or 0.13 per cent. The index reached an intraday low of 11,508.13 points.

There were 57 gainers and 84 decliners on the main board, with 28.76 million shares worth $89.33 million changing hands.

Jeremy Sullivan, investment advisor with Hamilton Hindin Greene, said: “the market got through a lot of activity last week with the repricing of interest rates and assets, and rate cuts being priced in”.

“It was a quieter day today and trading was lighter – volumes do ebb at this time of the year.”

The Westpac McDermott Miller Consumer Confidence Index rose 8.7 points in December to 88.9, the best since early last year. But pessimists still outnumbered optimists.

Westpac said more households expected the economy to strengthen over the coming year and expected their personal finances would improve, with prices for some necessities easing back.

Mercury Energy increased 18c or 2.83 per cent to $6.54, reaching a level last seen in late August. Contact was up 8c to $7.90.

Other energy stocks were weaker. Genesis declined 5.5c or 2.17 per cent to $2.475; Manawa shed 15c or 3.44 per cent to $4.21; and Vector decreased 14c or 3.61 per cent to $3.74.

Ebos Group was up $1.27 or 3.65 per cent to $36.09; Fletcher Building increased 15c or 3.23 per cent to $4.80; Mainfreight gained $1.29 or 1.92 per cent to $68.40; Freightways collected 13c to $8.43; Arvida Group added 2c or 2.04 per cent to $1; and Move Logistics was up 4c or 7.55 per cent to 57c.

In the property sector, Argosy gained 3c or 2.78 per cent to $1.11; Investore was down 3c or 2.7 per cent to $1.08; Vital and Healthcare Trust declined 5c or 2.28 per cent to $2.14.

Vista Group rose 15c or 10.34 per cent to $1.60 after signing a new software management agreement with Cinepolis, the largest cinema exhibitor in the world in terms of ticket sales and attendance per auditorium. The Cine Yelmo cinema network in Spain has 50 sites and more than 530 screens in 24 provinces.

Synlait Milk, up 3c or 3.16 per cent to 98c, has gained B Corp status, the global gold standard accreditation for sustainability.

My Food Bag increased 1.9c or 14.39 per cent to 15.1c, and Pacific Edge was up 0.003c or 4 per cent to 7.8c. ANZ NZ Investments increased its stake in Pacific Edge to 14.83 per cent, up from 12.37 per cent.

APL Holdings Trust, which includes director Cecilia Robinson, bought 7 million shares in My Food Bag at 12.5c a share (a cost of $875,000) and increased its shareholding of 5.95 per cent.

Fisher and Paykel Healthcare was down 14c to $23.85; Spark decreased 10c or 1.93 per cent to $5.07; Chorus declined 12.5c to $7.645; Turners Automotive fell 14c or 2.99 per cent to $4.54; and Serko shed 20c or 4.65 per cent to $4.10.

Port companies Napier was down 11c or 4.33 per cent to $2.43, and Tauranga declined 12c or 2.21 per cent to $5.30.

Other decliners were Scott Technology, falling 12c or 3.81 per cent to $3.03; Gentrack down, 17c or 2.5 per cent to $6.64; AFT Pharmaceuticals, decreasing 8c or 2.37 per cent to $3.30; and Accordant Group shedding 7c or 7.22 per cent to 90c.

Rakon slid 4c or 3.45 per cent to $1.12; Restaurant Brands was down 12c or 3.33 per cent to $3.48; Scales Corp declined 9c or 2.74 per cent; and CDL Investments decreased 5c or 6.49 per cent to 72c.

Channel Infrastructure was down 1c to $1.45. Mobil Oil NZ has now sold all 53.76 million shares or 14.19 per cent in Channel which operates the fuel import terminal at Marsden Point near Whangarei.

MHM Automation, up 1c to $1.64, is holding its shareholders’ meeting on January 26 to confirm the takeover by US-based Bettcher Industries for $1.70 a share. MHM’s non-conflicted directors are backing the scheme of arrangement.