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The sharemarket ended Friday fractionally higher after dipping in the middle of the day on news of strong jobs data form the United States.
The benchmark S&P/NZX 50 Index gained 20.786 points, or 0.17%, to 11980.120.
On the broader market 45 stocks rose and 83 fell with $111.9 million shares traded.
Craigs Investment Partners investment adviser Peter McIntyre said Asia markets were weaker based on stronger jobs data in the US with good news transpiring into bad news for interest rate expectations.
“So we’re getting this reasonable data, which I think gives reserve banks comfort in increasing interest rates, particularly with jobs not being overly affected. So the fight to contain inflation is still well and truly alive,” McIntyre said.
Mainfreight traded well with investors trying to buy the stock with the dividend attached, he said.
Tourism Holdings was down 2.46% on the back of a stronger dollar and investors awaiting the announcement of a dividend policy and in greater profitability in the second half, McIntyre said.
Fisher & Paykel Healthcare was 0.04% lower. “So some of the export companies were struggling a bit with the recent strength of the kiwi dollar.”
Clothing retailer Hallenstein Glasson also announced the appointment of Chris Kinraid as group chief executive, replacing Stuart Duncan who resigned in May. Kinraid would start by the end of the calendar year. He is currently group chief financial officer at KMD Brands, the owner of Kathmandu.
Hallenstein Glasson ended the day down 1.16% to $5.95.
Precinct Properties reported a draft revaluation loss on its property portfolio of about $250 million, down 7.1%, decreasing the value of its portfolio to about $3.2 billion at June 30 and was expected to reduce net tangible assets by 16 cents a share. The company’s shares were down 0.38% to $1.295.
Chief executive Scott Pritchard said rising interest rates were putting increasing pressure on investment returns and impacted property valuations. This has resulted in a forecast $250 million reduction in Precinct’s property assets for the full year.
Sky TV and Warner Bros Discovery have extended their relationship with a multi-year content and platform agreement covering HBO, Max Originals, Warner Bros and Discovery programming. Despite the news, Sky shares lost 1.67% to $2.35.
Meridian gained 0.9% to $6.85 but Auckland Airport was down 0.3% to $8.38.
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