Sharemarket ends flat in weak trading

Mainfreight rose 1 per cent to $22.50 after surpassing $100m profit for the first time. Photo / Sarah Ivey

New Zealand shares were virtually unchanged today in weak trading, with Orion Health Group dropping on capital raising news, while Mainfreight gained after posting a record annual profit.

The S&P/NZX50 Index dropped 0.79 points, or 0.01 per cent, to 7411.95. Within the index, 21 stocks fell, 19 rose and 10 were unchanged. Turnover was $114.6 million.

"There's no catalyst really to drive activity, the market's just going through the motions a bit at the moment, just consolidating," said Grant Williamson, director at Hamilton Hindin Greene.

Outside the benchmark index, Orion Health Group dropped 13.3 per cent to $1.04. It will raise $32.9m in a discounted two-for-nine rights issue to shore up working capital after posting a $34.2m full-year loss.

Comvita was the best performer, up 1.8 per cent to $5.65. "Bargain hunters are pushing it back up, but it's still down significantly on a month or so ago," Williamson said.

"There are a few concerns about myrtle rust and a very poor honey season. The share price did have a fantastic rally over a relatively short period of time, at some stage it was always going to come down. It's pretty much halved in value over the past year."

Mainfreight rose 1 per cent to $22.50. The transport and logistics group posted a 16 per cent gain in full-year profit to $101.5m, surpassing $100m for the first time.

A2 Milk Co gained 1.5 per cent to $3.37, while Westpac Banking Corp gained 1 per cent to $31.82.

Restaurant Brands was the worst performer, down 2.3 per cent to $5.61, and Z Energy dropped 1.6 per cent to $7.52.

Summerset Group dipped 1 per cent to $4.88. The retirement village operator announced a retail bond offer of $75m with the ability to accept up to $25m in over-subscriptions, its first domestic regulated bond issue and the first for the New Zealand retirement village sector.

Outside the main board, Moa Group fell 4.6 per cent to 63c. The Marlborough-based brewer reported a slightly narrower full year net loss of $2.4m as revenue lifted 26 per cent and gross margins improved.

IkeGPS declined 2.6 per cent to 37c. The laser measurement toolmaker widened its annual loss to $10.7m but expects growth and cash breakeven in 2018.

ERoad dropped 1.7 per cent to $1.72. The Auckland-based firm reported a wider net loss although the result was slightly ahead of forecast.

Augusta Capital was unchanged at $1.01. It posted a 42 per cent drop in annual profit to $7.8m after a reduction in its directly held property portfolio.

SeaDragon gained 20 per cent to 0.6c. The company said its net loss was $6.7m versus $5.5m in the prior year. It's normalised ebitda loss of $4.4m was in line with guidance late last week.

Energy Mad was unchanged at 0.5c. It reported a loss of $4m in the year to March 31, versus a loss of $1.3m in the prior year as revenues tumbled.