Robust trading update from Tauranga Port perks up market
The S&P/NZX fell at the opening but then traded steadily to close at 12,771.61, down 42.46 points or 0.33%.
The index declined more than 0.3% for the week and is now ahead nearly 8.6% for the year. The volumes of 33 million shares worth $126.9m featured the sale of 11.28m Freightways shares at $9.65 a share (worth nearly $109m) held by the largest shareholder Colin McDowell, the founder of Allied Express. Freightways was up 19c or 1.92% to $10.10.
Shane Solly, portfolio manager with Harbour Asset Management, said by the numbers the local market had a flat week but pulling it apart, a lot of paddling has been going on under the water.
“The market has had to absorb plenty of capital raisings, including the chunky blocks of Freightways and Scales Corp shares. And the range of trading updates at the annual meetings has not been as negative as the market expected, with the potential for company earnings to turn.
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