Sharechat Logo

MARKET CLOSE: NZ shares mixed in light trading, Sky TV and Stride rise while A2, Westpac drop

Wednesday 4th July 2018

Text too small?

New Zealand shares were mixed in light trading, with Sky Network Television and Stride Property leading gains while A2 Milk Co and Westpac Banking Corp fell.

The S&P/NZX50 Index fell 27.95 points, or 0.3 percent, to 9,025.64. Within the index, 21 stocks rose, 18 fell and 11 were unchanged. Turnover was $94.2 million.

Craig Stent, executive director and head of equities at Harbour Asset Management, said the market was quiet with Australian school holidays and the United States' Independence Day holiday today. 

"There's a bit of a lack of interest from US markets because they take a holiday, not just today but for the past couple of days as well, so it's very quiet across the board," Stent said. "You've got global indices and ETFs as well, they've become a large part of our market so when they're not around it grinds to a standstill basically. All of July is going to be quiet I think."

Sky Network Television was the best performer, up 4.2 percent to $2.73. Stride Property rose 1.6 percent to $1.87, Scales Corp gained 1.5 percent to $4.80, and Vital Healthcare Property Trust advanced 1.5 percent to $2.07.

A2 Milk Co was the worst performer, down 3.4 percent to $11.40, giving up yesterday's gains. It had risen 3.2 percent after agreeing with Synlait Milk to extend their infant formula supply deal and increase the volume of formula Synlait will supply as the two continue to focus on sales in the lucrative Chinese market. Synlait's shares dipped 1 percent to $11.44, having gained 1.4 percent yesterday. 

Westpac Banking Corp dropped 1.7 percent to $31.65, Arvida Group fell 1.5 percent to $1.28 and Auckland International Airport declined 1 percent to $6.77.

Gentrack Group was in a trading halt at $7. It will sell shares at $6.19, a 12 percent discount, to raise $90 million to repay bank debt used to fund a recent spate of acquisitions, leaving the door open for more merger and acquisition activity. 

The utilities software developer says this raise will leave it with almost no bank debt and give it a strong enough balance sheet to make more acquisitions.


  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Richard Yan appeals $36 million Mainzeal liability
Summerset secures land for new villages in Rangiora, Blenheim
A2 names China CEO
Ike signals 5% FY revenue growth, missed ebitda target
NZD stalled ahead of RBNZ statement; global outlook weakens
25th March 2019 Morning Report
NZD headed for 0.6% weekly gain against greenback
PREVIEW: RBNZ tipped to keep cash rate at 1.75%, reiterate next move could be up or down
Sky TV hires Deloitte partner as fill-in CFO
Vector fined $3.6 mln in industry first

IRG See IRG research reports