Jeremy Sullivan, investment adviser with Hamilton Hindin Greene, said the transfer of the shares increased the free float (of the airport stock) and were in demand from the exchange traded funds.
Sullivan said the market overall was flat as local investors digested the council’s sale of its airport shares. “Having such a large block of shares trading on the market is good for NZX Inc. And overseas the markets are risk-on at the moment with easing financial conditions after the tough period.”
He said bitcoin broke through US$100,000 ($170,420) for the first time in its history and reached an intraday high of US$103.000.
The Dow Jones Industrial Average smashed through the 45,000-mark for the first time, after gaining 308 points or 0.69% to 45,014.44 points.
The S&P 500 and Nasdaq Composite also set new records, rising 0.61% to 6086.49 points and 1.3% to 19,735.12 respectively.
US Federal Reserve chairman Jerome Powell said the economy was in remarkably good shape, and indicated an interest rate cut was still on the table this month.
At home, Fisher and Paykel Healthcare was down 63.5c to $37.05; Ebos Group declined 50c to $37.40; Meridian Energy decreased 17c or 2.82% to $5.85; and Delegat Group eased 9c or 1.72% to $5.15.
Fonterra Shareholders’ Fund was down 32c or 5.97% to $5.04 after the dairy co-operative lifted its forecast 2024-25 farmgate milk price to a record $10 per kg/MS and confirmed its earnings forecast of 40-60c a share.
Sullivan said the market may have been disappointed there was no update on Fonterra’s sale of the consumer business.
Sanford was down 10c or 2.3% to $4.25; Synlait Milk declined 1.5c or 3.57% to 40.5c; Scott Technology shed 8c or 3.56% to $2.17; Allied Farmers eased 2c or 2.53% to 77c; General Capital decreased 2c or 6.9% to 27c; and Steel & Tube was down 2c or 2.27% to 86c.
Sky TV increased 17c or 6.88% to $2.64; a2 Milk was up 11c or 1.78% to $6.30; Freightways rose 39c or 3.79% to $10.69; Chorus added 17c or 1.91% to $9.07; Briscoe Group collected 23c or 4.3% to $5.58.
Property stocks Argosy was up 3c or 2.93% to $1.055; Investore gained 4c or 3.48% to $1.19; and Kiwi added 1.35c to 91c.
The Warehouse gained 2c or 1.94% to $1.05; South Port NZ added 18c or 3.32% to $5.60; Seeka increased 16c or 5.44% to $3.10; and Restaurant Brands rose 20c or 5.65% to $3.74.
Other gainers were Rakon up 3c or 5.26% to 60c; Smartpay improving 1.5c or 2.31% to 66.5c; and Ventia Services collecting 19c or 4.04% to $4.89.
T&G Global, up 1c to $1.44, told the market that its majority shareholder Munich-based BayWa was “undertaking a transformation of its business which could include selling major holdings outside Germany”.
Multi-national BayWa, the largest agricultural trade in Germany, has a 73.99% shareholding in T&G (formerly Turners and Growers). Reports have said that BayWa is cutting 3000 of its 8000-strong staff and 26 of its 400 locations.
