NZ Market Report 15.1.24
15.1.24 The NZ sharemarket got off to a soft start for the week, with the NZX50 index down 85.41 points to 11,722.90. Energy shares uniformly weakened, Manawa down 7c to $4.33, Mercury NZ down 14c to $6.50, Meridian off a cent at $5.60, Genesis Energy down a cent at $2.505, while Vector shed 7c to $3.71. Summerset fell 28c to $10.90, PGG Wrightson 8c to $3.31, Gentrack 14c to $6.50, a2 Milk 10c to $4.36 and Delegat 10c to $6.70. Napier Port’s trade volumes for the December quarter decreased...
MARKETWEEK: Firmer week on a flat news-cycle
13.1.24 Warren Head On a news week as becalmed as Kaiteriteri Beach at high tide on a summer’s day the NZ sharemarket did well to notch a hundred point gain. The NZX50 rose 109.83 to 11,858.31 this week on thin volume of 81.88 million shares traded (value at $263.21m) After worries of inflation data not falling, it didn’t. But the US market found deeper meaning in a higher monthly rate of 3.4% and managed to finish the week at 37,563.32, up 97.21 points. The Friday afternoon market...
NZ Market Report 12.1.124
The NZ sharemarket has closed the week with a modest gain of 55.29 points to take the NZX50 to 11,858.31. NZ RegCo is to grant MHM Automation a waiver from Rule 3.5.1, allowing the company to not post a half year result. On the basis that by 29 February 2024 (being the deadline for releasing the relevant Results Announcement), it is expected that the Scheme or Arrangement for the takeover of MHM will be unconditional. MHM shares firmed a cent at $1.67. Headed lower today were Mainfreight, off...
NZ Market Report 11.1.24
A midweek burst of buying enthusiasm has carried the NZX50 index 33.62 points higher today at 11,803.02. Overnight, the Dow Jones rebounded 170.57 to 37,695.73 ahead of key IUS inflation data. On the declining side of the market today the largest fall was made by Solution Dynamics, down 10c to $1.50, a drop of -6.25%. EBOS shed 16c to $35.55, Manawa Energy lost 10c at $4.43, Scales Corp was off 9c at $3.24 and Sanford fell 7c to $4.03. Mainfreight led the gainers, with a 75c rise to $71.15,...
NZ Market Report 10.1.24
The US stockmarket had a change of direction today after a strong move upwards yesterday – dropping 157 points to 37,525.16. This was reflected to a lesser extent in other markets, with the Australian All Ords down 46 points today at 7,707 and the NZX50 falling 47.99 points to 11,7659.40.. EBOS reversed by 84c to $35.71 and F&P Healthcare fell 36c to $23.74. Westpac Bank dropped 73c to $24.67. Vulcan Steel was marked 17c down at $8.06. Energy sector stocks weakened, with Meridian...
NZ Market Report 9.1.24
The NZ sharemarket followed the US market upwards today, with the NZX50 mounting its best trading day of the New year, a 108.97 points advance to 11,844.39 by the NZX50. The Dow Jones bounced 216 points overnight to close at 37,683 on the Dow Jones Industrial Average. Barrons said US investors are looking ahead to inflation data this week, with the release of the December CPI report on Thursday. The annualised change in the CPI is expected to be near its lowest level...
NZ Market Report 8.1.24
The NZ sharemarket got off to a soggy start this week, losing 13 points today on the NZX50 index at 11,735.42. In Australia the ASX All Ords fell 41.60 at 76776.80. Over the weekend the Dow Jones industrial average added 25.77 at 37,466.11. Gains today included Hallenstein Glasson jumping 23c to $5.49n and Briscoe Group putting on 9c at $4.65. Restaurant Brands gained 15c at $4.00. Summerset gained 15c to $10.45 and EBOS moved 31c higher at $77.00. Contact Energy moved 13c higher yo $8.17 but...
MARKETWEEK: A frothy week for Delegat Group
6.1.24 Warren Head The leading out-performer of NZX50 category stocks on the New Zealand sharemarket was appropriately enough a business that sells wine. After months of drifting downwards, Delegat Group uncorked a lively short week of bubbly trades. The DGL share price improved 40c or 6.15% from an end of -2023 closing price of $6.50 to $6.90. Other gainers over the week included honey products exporter Comvita, up 14c to $2.44, or 6.09%; fruit packers Seeka, up 15c or 5.88% to $2.70. ...
NZ Market Report 4.1.24
The NZ sharemarket held its ground today as the US and Australian markets retreated. The NZX50 gained 28.98 at 11,759.11, against a 26.70 points fall on the ASX All Ords to 7,730.60 and a 284.85 point drop for the Dow Jones. The fall on the Aussie market saw ANZ shares come down 33c on NZX to $27.43 and Westpac shares subside 66c to $24.10. Other notable falls were a 16c drop for Auckland Airport, a dual listed NZX/ASSX stock, and an 8c fall for a2 Milk to $4.41. EBOS, Freightways and Arvida...
NZ Market Report 3.1.24
A lively day’s trading on NZX saw several leaders firming ground but insufficiently to carry the market index higher. The NZX50 close the day at 11,730.13 down 40.16 points. This can be attributed to major index weighting Auckland Airport dropping 24c to $8.56. Port of Tauranga gave up 15c at $5.45, Skellerup was off 13c to $4.91. a2 Milk fell 11c to $4.49 and Scales was down 10c to $3.35. On the upside, Mainfreight put on 50c to trade at $69.80, and EBOS added 72c to sell at $36.22....
MARKETWEEK: Modest 2023 score for the NZX
30.12.23 Warren Head The New Zealand sharemarket’s upwards flick of 1.81 points on Friday carried the NZX50 to a close of 11,770.49 for the year. It has clearly not been a remarkable year for the NZX market. The annual gain of 2.6% in NZX50 term is however much improved on 2022’s 12% decline. Staring down the barrel of a potentially 2-year recession, the immediate direction of the NZ bourse is uncertain despite the NZ market looking decidedly under-valued. This plays heavily into the hands...
NZ Market Report 29.12.23
The New Zealand sharemarket has closed off the trading year with a small gain of just 1.81 points today with the NZX50 Gross Index at 11,770.49. In the US the Dow Jones had closed earlier at 37,710.10 for a 53 points gain. The only company news of note was the notice from Me Today, which said it will consolidate its share capital at 1-for-100 on January 9. Mainfreight ebbed by 46c at $69.30, and ANZ Bank was back by 19c at $27.81. Mercury eased by 10c to $6.60 in a generally easier energy...
NZ Market Report 28.12.23
The Boxing Day sale mania popped sideways into the investment markets today where the hunt for bargains is on – with just a day to go to the close of the NZX for 2023. Perhaps it is also a reaction to commentary that the NZ market has been just too trodden down to not deserve a rally into 2024. Recent events surrounding takeover bids for various depressed stocks have shown up the intrinsically weakened 2023 market – with the devaluation looking decidedly overdone. Today’s NZX session...
MARKETWEEK: Market on straight flight path
23.12.23 Warren Head After a few days of limp business, retail stores lifted in pace of sales this weekend but likely too late to do more than straighten up the flight path to Christmas Day. The end of week close of the sharemarket for the Christmas festival saw the NZX50 close off at 11,634.43 for a weekly gain of 84.33 points. The American markets were mixed on the close today in the States, where the Dow Jones shut at 37,385.97, for a weekly rise of 80.81 points. The S&P 500...
NZ Market Report 23.12.23
Australasian markets closed the week on a positive note, albeit after fairly restrained upwards moves. The NZX50 index closed the day up 6.44 at 11,634.13 and the ASX All Ords was just 2.40 points higher at 7,730.20. In sharp contrast, the slippage on Wall Street screeched to a halt, and the market reversed upwards by 322.35 points. This took the Dow Jones to 37,404.35, with a day to go to the US weekend and Christmas. The falls on NZX today were led by SANZ Bank, down 27c at $27.70, with...
NZ Market Report 21.12.23
The NZ sharemarket held up well today with a 48.19 points advance to 11,627.99 on the NZX50 index, despite a night of selling on Wall Street. The 9-day winning streak by US markets halted overnight with the Dow Jones dropping 475.92 points at 37,082. The Nasdaq retreated by 225.28 points to 14,777.94 and the S&P 500 was down 70 at 4698. Stronger home sales suggested that inflation was not yet tamed. Delegat shares fell 19c today to trade at $6.00, while heavyweight EBOS dropped 65c to...
NZ Market Report 20.12.23
The hopes of a summer rally running into Christmas week dissipated today as sellers checked 37.57 points off the NZX50 at 11,579.80. The biggest fall came from F&P Healthcare, off 34c to $23.76 in a continuation of the erratic trading we’ve now seen for some months. Retailer Briscoe shed 14c to $4.51, while Mercury NZ lost 19c at $6.41. Auckland Airport lost 10c at $8.50, Mainfreight 10c off at $68.75 and Infratil eased back 9c at $9.90. With the Black Friday retail trading period...
No surprises in mini-budget.
30.12.23 Today’s initial mini-Budget from the new Government was much as expected, says the economics team at ANZ Bank. “More policy statement than Budget, it outlined the general vibe for how the Government intends to run things, including a list of cost savings identified to date (that are not in the Treasury’s forecast). “There wasn’t a lot of new news in here that’s meaningful for the economic and fiscal outlook,” added ANZ NZ chief economist Sharon Zollner. “When it comes to monetary...
NZ Market Report 19.12.23
The NZX50 edged closer to achieving a level 2024 year with a 52/39 points advance today at 11,617.37. The move upwards was helped by some heavyweights making strong ground, including Mainfreight gaining 45c to $68.85, Ryman Healthcare up 15 to $5.51, F&P Healthcare rising 25c to $24.10 and Auckland Airport scooting 15c upwards to sell; at $8.60. ANZ Bank leaned in with a 25c rise to $2762. Gentrack (NZX/ASX: GTK), a next gen billing provider for energy and water utilities...
NZ Market Report 18.12.23
The NZ sharemarket opened the week firmly enough and improved 14.78 points through the day for the NZX50 to close at 11,564.98. Some leading stocks took the early lead, with Mainfreight back moving ahead with a 129c gain at $68.40. EBOS recovered 127c at $36.09, a rose of +3.65%. Mercury NZ gained 18c to $6.54 and Freightways rose 13c to $8.4. Contact Energy was up 8c to $7.90. Vista Group International shares jumped 15c to $1.60 on NZX – a gain of 10.34% - after Vista announced it is signing...
MARKETWEEK: Power-lifting on Wall St and NZX
16.12.23 WARREN HEAD The midweek of the month has proven to be a real sprint for equities as central banks offshore leaned into a likely lower level of interest rates before 2024 is up and over. Highlighted also by some dramatic decisions by the new coalition running NZ, a sprinkle of speculative fairy-dust on some seriously under-valued small caps, and, lo, a favourable resource consent for phase 1 of Port of Tauranga’s capacity expansion. In the US the latest ‘no-change’ decision by...
NZ Market Report 15.12.23
Three large heavyweights that dominate the NXZ50 spoilt what might have been a strong close to the trading week. F&P Healthcare shares slumped 78c to $23.99, but that was surpassed by the $1.11 fall by Mainfreight to $67.11 and the $1.18 slide by EBOS to $34.82. Throw into that soup a teaspoon of Chorus own 7c to $7.70 and Turners Auto off 10c to $4.68 and the outcome was a -2.88 points drop to 11,550.20 on the MZX%0 index. The slate of gainers on the other side of today’s trades...
NZ Market Report 14.12.23
The unchanged level of the US Federal funds rate – held in the channel 5.255 to 5.5% sparked an equity rally on Wall Street earlier today. The US rate is now expected to be reduced next year possibly in three staged cuts. The equities market there bounced 512 points to 37,090.24. In New Zealand the focus was on a sluggish 0.03% GDP growth rate and downwards revisions to earlier quarterly reports that suggests NZ is back in a technical recession. This buoyed hopes of a series of...
NZ Market Report 12.12.23
The wild storm that raced across NZ painted a gloomy backdrop for the day that the national sharemarket emulated by falling 66.89 points on the NZX50 at 11,382.58. T&G Global shares retraced 17c to $1.90, a fall of 6.88%, as the episodic inclement weather poses a threat to horticulture. Energy stocks were weaker, Mercury down 12.5 to $6.135, Contact Energy down 12c to $7.72. Hallenstein Glasson shares fell 18c to $5.40 or -3.2% as today’s AGM was informed of a slow start to the year that...
NZ Market Report 11.12.23
The NZ market opened cautiously today with sufficient selling to reduce the NZX50 by 46.17 points to 11,449.47. Mainfreight dropped 120c to $67.30, Port of Tauranga was down 11c at $56.44 and a2 Milk fell 11c to $4.40. Major retailers were softer, Briscoe down 14c to $4.55 and Hallensteiin Glasson off 14c at $5.58 (ahead of its AGM in Christchurch tomorrow morning). The chip manufacturer Rakon is the latest company to receive a NBIO (non-binding indicative offer) by way of possible scheme of...
MARKETWEEK: Equity market is levelling up for the year
9.12.23 /// Warren Head /// With a mild incoming tide of optimism into Christmas the New Zealand sharemarket will finish the year moored close to the same mark as at the start of 2023. At 11,495.64, following a mild nudge of 120 points over the past week, the index compares with 11,473.24 on 30.12.22. Value traded for the week was $495.31m, well below the $1.59bn a week prior. The heavyweights were in the ring this week, with good performances from Mainfreight, EBOS, F&P...
Marketweek: Sharemarket starts to level up for 2023 close
9/12/23 ///// Warren Head With a mild incoming tide of optimism into Christmas the New Zealand sharemarket will finish the year moored close to the same mark as at the start of 2023. At 11,495.64, following a mild nudge of 120 points over the past week, the index compares with 11,473.24 on 30.12.22. Value traded for the week was $495.31m, well below the $1.59bn a week prior. The heavyweights were in the ring this week, with good performances from Mainfreight,...
NZ Market Report 8.12.23
The NZ sharemarket marked time today with rises and falls fewer and the NZX50 closing off the week at 11,495.04. A fall of 0.97 points EBOS did its bit by piling on 63c to reach $37.53, Westpac moved 19c higher at $23.59 and there were 15c gains made by Colonial Motors at $8.80 and F&P Healthcare to $24.00 Briscoe improved 10c to $4.69 and EROAD 9c to $1.00. South Port NZ added 7c to $7.40. Scales Corporation shares bounced 7c to $3.14 after the company reiterated market guidance for...
NZ Market report 6.12.23
The heavyweight industrials dug in today and knocked up some solid innings by nightfall on NZX. Mainfreight hit a 75 to the boundary to bring up its $70 a share target, joined by Fisher & Paykel Healthcare which out on 37c at $23.57. The middle part of the session was bolted down by an energetic duo of Contact Energy up 13c on the leaderboard at $7.83 and Mercury NZ up 14c at $6.28, a run rate of +2.28%, supported by a 10c burst to $5.30 by Meridian. Infratil put in a nice innings...
NZ Market Report 5.12.23
Twenty days to Christmas and the market was cooling on NZX today. The heavyweight duo of EBOS (up 39c to $37.71) and Mainfreight (up $1.18 at $69.25) held up the top end of the market, and there were 7c gains for Ventia Services at $3.07 and Sanford at $3.82. Serko sank 21c today to $4.06 and Gentrack 16c to $6.42, while Turners Automotive was down 6c to $4.74 as investors cropped some easy gains from a trio that have been pushing upwards ion share value over recent days. Restaurant Brands...
