The New Zealand sharemarket slipped today with both heavyweight Fisher & Paykel stocks plummeting, dragging on the main bourse.
The NZX50 index was down 0.7 per cent or 23.97 points to 3462.25. Within the index, 30 stocks fell while 16 rose and four were flat.
Craigs Investment Partners adviser Greg Easton said trading was very quiet with light volume through.
"Fisher & Paykel Healthcare was down almost five per cent. The market has been digesting their result from last week and not liking it much, putting the stock under quite a bit of pressure," Easton said. The medical device manufacturer closed down 4.8 per cent at $2.18.
"Probably it was more down to their outlook than the actual result, because that was a vast improvement on last year [profit rose 22 per cent]. They're expecting profit of $62 million to $70m which is pretty much the same as where they finished this year, so they are not producing the growth that investors are looking for."
Fisher & Paykel Appliances, the whiteware manufacturer and exporter, was also in the red. It fell 3.7 per cent to 52c.
Property stocks were weak, with Vital Healthcare Property Trust down 2.5 per cent to $1.17 and Argosy Property Trust down 1.7 per cent to 85c. DNZ Property Fund fell 1 per cent to $1.45. Property for Industry was down 0.9 per cent to $1.14. Goodman Property Trust fell 0.5 per cent to 98c. AMP NZ Office dropped 0.5 per cent to 93c.
Nuplex, the maker of industrial chemicals and resins, was down 2.1 per cent to $2.30. Would-be bank Heartland fell 2 per cent to 49c. Auckland International Airport was down 1.9 per cent to $2.53.
Rubber goods and milking equipment manufacturer Skellerup Holdings fell 1.4 per cent to $1.42. Freightways, the express package and information management company, was down 1.3 per cent to $3.85.
Port of Tauranga was down 1.2 per cent to $11.00. National carrier Air New Zealand fell 1.1 per cent to 90c. Children's clothing chain Pumpkin Patch fell 1.2 per cent to 85c. Investment holdings company Guinness Peat Group was down 1 per cent to 49c. Australian wealth manager AMP fell 1 per cent to $4.97.
Rakon led the gainers with a 6.5 per cent rise to 49c. Rural services company PGG Wrightson was up 3.1 per cent to 33c. OceanaGold rose 3 per cent to $2.39. Infrastructure investment company Infratil rose 1.45 per cent to $2.10.
Jewellery retailer Michael Hill was up 1 per cent to $1.03. Retailer the Warehouse Group rose 0.8 per cent to $2.56. Trade me Group was up 0.8 per cent to $3.95. EBOS Group rose 0.7 per cent to $7.55.
TrustPower was up 0.7 per cent to $7.60. Carpet maker Cavalier rose 0.7 per cent to $1.52. International trucking and logistics company Mainfreight was up 0.6 per cent to $9.50. Chorus rose 0.6 per cent to $3.22.
Restaurant Brands, the operator of fast food chains KFC and Pizza Hutt, was up 0.5 per cent to $2.15.
On the NZX SmallCap, winemaker Delegat's had a 0.8 per cent rise to $2.50. Easton said it was looking strong and showing itself to be very resilient.
"There is some quite big buying interest today. I guess they're showing the power of their brand, and the fact they can produce good results in the face of strong currency headwind is pleasing the investors."
- © Fairfax NZ News