Sharechat Logo

MARKET CLOSE: NZ shares down in light trading, Pushpay and Fonterra Fund drop

Monday 15th January 2018

Text too small?

New Zealand shares fell in light volume as holiday trading continued, with Pushpay Holdings and Fonterra Shareholders Fund leading the losses.

The S&P/NZX50 Index dropped 30.98 points, or 0.4 percent, to 8,211.37. Within the index, 22 stocks fell, 14 rose and 14 were unchanged. Turnover was $61 million.

"There's not a lot happening in the markets today - there were a couple of quite strong trading days last week, but we've started off today like everyone's gone back on holiday," said Peter McIntyre, investment adviser at Craigs Investment Partners. "We're in a bit of a holding pattern. We're not going to get any direction overnight because the US market is going to be closed for Martin Luther King Jr. Day. The New Zealand market has got a very cautious tone, we're still a week away from everyone getting back from holiday to be honest."

Fonterra Shareholders Fund dropped 2.1 percent to $6.52. 

"A number of farmers had to share up by last Friday, that's why we saw some strength in those shares last week," McIntyre said. "They were definitely one of the best performers last week, they increased by about 3 percent. It's a bit weaker today, but on really light volume."

Pushpay Holdings led the index lower, down 2.9 percent to $4.01, with Tourism Holdings falling 1.7 percent to $5.69 and Freightways declining 1.7 percent to $7.66.

Fletcher Building was the best performer, up 1.7 percent to $7.70. Sanford rose 1.2 percent to $8.40.

Mercury NZ was unchanged to $3.38. It has selected Tesla as the provider for a scalable national grid-connected battery trial after a tender process launched last September.

Sky Network Television was unchanged at $2.81. It has settled with Mediaworks and Fairfax New Zealand over a copyright dispute, leaving state-owned broadcaster Television New Zealand and NZX-listed NZME still defending the claim. 

Outside the benchmark index, Xero gained 0.8 percent to $32.72. Chief financial and operating officer Sankar Narayan sold A$883,482 of stock to meet a personal tax bill accruing from the share component of his pay packet. 

The Xero executive sold 30,000 shares on market at an average price of A$29.45 per share on Jan. 9, a notice to the stock exchange said. That left Narayan with 42,874 shares, plus another 46,902 restricted stock units (RSUs) and 291,000 options to subscribe to shares under the company's Australian plan. The company will delist from the NZX on Jan. 31. 


  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:

MARKET CLOSE: NZ shares hit record amidst rebalancing, Comvita and Sky TV gain while Pushpay, A2 drop
NZ dollar heads for 0.5% weekly decline as risk aversion rises
RBNZ's Spencer tipped to stand pat in final review next week, repeat same message
Lyttelton Port rejects union claims as strike planned for next week
Storm CEO Deborah Caldwell buys women's clothing chain from Hallenstein
Govt to invest $5 mln in Northland wharves through regional fund
Veritas shareholders vote in favour of Mad Butcher sale
Failed fashion chain Andrea Moore & Co 'significantly overstated' value of inventory by $3.3M
UPDATE: NZ dairy manufacturer plans to list on ASX to raise up to A$20M for expansion
Bay of Islands Airport terminal upgrade to get $1.7M from govt's provincial growth fund

IRG See IRG research reports