tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, November 1st, 10:39AM

Investments

rss
The Markets

NZ shares fall for third straight session

New Zealand's main share index fell for a third straight session as Meridian Energy and A2 Milk Company's shares dipped.

Thursday, February 11th 2021, 6:52PM

by BusinessDesk

 

The S&P/NZX 50 Index dropped 68.9 points, or half a percent, to 12,761.13. Within the index, 22 stocks fell, 23 rose and five were unchanged. Turnover was $185.2 million.

It has been a tumultuous summer for the index which pushed up to record highs during the Christmas holidays, only to be pulled back to earth as the country slowly returned to work.

The index has now shed 2.5 percent year-to-date, driven largely by the sharp decline in renewable electricity generators which were overpriced by offshore index fund buying.

Rising bond yields have also contributed to a reassessment of equity prices, with the yield on a 10-year government bond rising as high as 1.5 percent on Tuesday before slipping to 1.33 percent today.

Cinema software developer Vista Group International led the market lower, dropping 5.6 percent to $1.51, as it gave back some of a recent rally.

Meridian Energy fell 4.4 percent to $6.245 as it continued its descent towards a fair value share price. Similarly, Contact Energy fell 1.4 percent to $7.59.

Milk marketing firm A2 Milk declined 1.1 percent to $10.79, despite a research note from Forsyth Barr reiterating an ‘outperform’ rating and giving a target price of $15.50.

A survey of 101 consumers found the company's brand was still popular with Chinese consumers, suggesting there was plenty of opportunity for its earnings to recover.

However, the analysts noted that “the path forward is unlikely to be smooth and it will take time to rebuild market confidence”.

Air New Zealand fell 1.6 percent to $1.58 while its chief executive was at Parliament apologising to MPs for allowing its gas turbines unit to do work for the Saudi Arabian navy which has been blockading Yemeni ports.

Clothing and outdoor retailer Kathmandu fell 1.5 percent to $1.32, after new data showed spending may be beginning to slow.

Electronic card spending slowed over the summer months, with core spending down 0.7 percent from the prior month. Card spending lifted strongly post August lockdown, but has been on a slight downward trend over recent months.

Outside of the top 50 index, other retailers also saw their share prices decline. 

Hallenstein Glasson Holdings dropped 1.4 percent to $7.65 and Briscoe Group dipped 0.2 percent to $5.69, although the Warehouse climbed 0.3 percent to $3.27.

Shares in dual-listed AMP tanked 10.3 percent to $1.48 after a weak earnings report. The firm's New Zealand business said operating earnings fell 19 percent to $38 million in the 2020 calendar year.

Fishing firm Sanford had the day’s biggest gain, jumping 4.1 percent to $4.84 as it bounced back from a sell off after it said Chinese customs had blocked exports from one of its processing plants.

It was an unremarkable trading session in currency markets, with the New Zealand dollar underperforming its peers.

The kiwi dollar was trading at 72.20 US cents at 5pm in Wellington, down from 72.35 cents yesterday.

The trade-weighted index was at 74.72 at 5pm, from 74.80 yesterday. The kiwi traded at 93.34 Australian cents from 93.45 cents, 75.51 yen from 75.63 yen, 59.55 euro cents from 59.66 cents, 52.14 British pence from 52.33 pence, and 4.6599 Chinese yuan from 4.6576 yuan.

Tags: Market Close

« Sanford leads NZ shares lowersEnergy stocks fall as Contact raises capital »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

AM Update - Your morning business news update

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 ▼6.39 ▼6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - ▼6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.50 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.17 5.79 5.69

Last updated: 30 October 2024 9:36am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com