NZ sharemarket down as My Food Bag sees green shoots
The New Zealand sharemarket fell slightly today reflecting declining markets in the United States, Japan and Australia.
Although shares in My Food Bag and WasteCo rose after the companies delivered positive news.
The S&P/NZX 50 Index closed down 0.32% or 40.85 points, falling to 12,662.25, with 37,444,256 shares changing
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'New Zealand is still not really into the heart of results season, so I think it's pretty much still wait-and-see mode ahead of results,' Goodson said. 'There was a bit of a strange lead from the US overnight. Their market rallied quite strongly despite the fact that inflation data was a touch higher than expected.' On the main board, Goodson pointed to Napier Port's strong nine-month result, despite its share price falling 1.89% to $3.12. The business reported its revenue increased 16.4% to $42.5m from $36.5m in the same period last year. 'They're clearly seeing extremely good export volumes at present, so they've reiterated guidance at the top end of their guidance range. 'The stock has been very strong in recent months, partly on the improved macro outlook, partly on index inclusions, but I think that result certainly strengthened the name.' Elsewhere, Infratil had a minor independent valuation update. Its share price dipped 0.005c to $11.78. Vital Healthcare Property Trust's share price lifted 0.51% to $1.99 after it released its full-year financials. Goodson said Vital's gearing was relatively high at almost 42% on a committed basis, with no significant progress on further investments. 'The Australian healthcare property sector is in a real state of turmoil at the moment due to the receivership of Healthscope, the second-largest hospital chain in Australia. 'Investors just have some question marks about the rental affordability for some of the hospital tenants and the valuations attached to some of the hospital assets in Australia.' Meanwhile, My Food Bag investors sold off in high volume today after the company gave an update to the market at its annual general meeting. While the business's revenue growth continued – with sales up 3.8% over the first four months of trading compared with the same period last year – gross margins for the first half of 2026 were expected to be below those for the first half of this year because its price increases have lagged food price inflation. My Food Bag shares fell 4% or 1c to 24c after 545,194 shares changed hands. Wall Street stocks surged to fresh records on Tuesday local time after US data showed stable inflation despite worries over President Donald Trump's tariffs, lifting expectations for Federal Reserve interest rate cuts. Major indices spent the entire session in positive territory, with both the broad-based S&P 500 and the tech-rich Nasdaq Composite Index finishing at fresh records. 'We're in a bull market,' said Adam Sarhan of 50 Park Investments. 'The bulls are strong and getting stronger.' The Dow Jones Industrial Average finished up 1.1% at 44,458.61. The S&P 500 also gained 1.1% to 6445.76, while the Nasdaq jumped 1.4% to 21,681.90. The consumer price index rose 2.7% from a year ago in July, the same rate as in June. – Additional reporting AFP Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.
NZ Herald
7 days ago
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PGG Wrightson a stand-out as NZX 50 slides 1.2%
'Well done. Those guys have been through a tough time. We know that PGW is a cyclical business and they've been doing a lot of work to improve that,' he said. 'There is a reason to own these businesses at low points in the cycle. Today is one of them.' Three announcements Solly flagged a couple of 'interesting' corporate announcements that dropped on the exchange throughout the day. Spark shares dropped 2.5% to $2.54 after it announced it had sold a 75% stake in its datacentre business to Australian private equity fund Pacific Equity Partners (PEP). Spark anticipates receiving about $486m in cash upon completion, with a further $98m possible if specific performance targets are met by the end of 2027. The funds will be used to reduce the company's net debt. Solly said the market liked the transaction but was still looking for more details around costs, land and commitments to capital expenditure. 'But otherwise, people have been anxious about the debt levels within Spark. This helps resolve that,' he said. Gentrack also dipped after it released a presentation it gave at a Canaccord Genuity conference in Boston. 'The management team has come out and confirmed previous indications in terms of revenue and margins, and that's in itself helpful,' Solly said. He added there was still 'wariness' surrounding Gentrack associated with the rapid rate of technological change, and what that means for software companies. The stock tumbled 5.08% to $9.35 after trading at nearly $13 as recently as early July. Travelling in the other direction was SkyCity Entertainment Group, which lifted 2.06% to 99 cents, after an Australian commissioner concluded that SkyCity Adelaide is suitable to hold the SkyCity Adelaide casino licence. The market had been anticipating that SkyCity would get approved as a suitable operator, Solly said, but there was always a risk. Fisher & Paykel Healthcare led the market in volumes, with over $14m in value traded. The index's largest constituent lost 0.33% to $36.78. Last week, analysts at Craigs Investment Partners upgraded the stock to 'Overweight' and raised their 12-month target price to $39.90. Stats incoming Speaking before the Reserve Bank of Australia issued its decision to cut interest rates by 25 basis points, Solly said it was almost a given and that the market would respond favourably to it. Shortly afterwards, the S&P/ASX 200 rose to an all-time high of 8,880.2 points. At 5pm, the Australian benchmark had dipped slightly and was trading up 0.3%. Solly said that investors would also be looking towards the United States consumer price index (CPI) release, which will occur overnight. 'The markets are anticipating the number comes in at 0.2% which takes you to an annualised number of around 2.8%. 'The Federal Reserve has been on hold since December, with [US President Donald] Trump and others really putting pressure on them to cut, so that is perhaps holding the markets back at the moment, as well as people are weary about.' Trump removed the head of the US Bureau of Labor Statistics earlier in August, accusing her of manipulating job numbers.
NZ Herald
08-08-2025
- NZ Herald
Late selling drives NZ sharemarket down
'It's been a good week and the markets seem to be taking the US tariffs in their stride as we head into the reporting season next week,' he said. 'We are confident that we'll see an Official Cash Rate cut from the Reserve Bank [on August 20], which I think will be good for the market and the economy overall. 'We've managed to get through this week without any profit warnings, so that's good,' Lister said. Spark firmed 4c or 1.6% to $2.59 after a difficult period. Lister said the telco appeared to be enjoying the beginnings of a recovery after two years in the investment wilderness. 'It's still got a long way to go, but I think there is a general feeling among the analyst community that there might be a little bit of value there because it's fallen as much as it has,' he said. Also firming were KMD Brands, up 1c at 25c, and Sky TV, up 6c at $3.02. Infratil dropped by 18c or 1.59% to $11.84. The infrastructure investor earlier announced that it and the NZ Superannuation Fund had entered a binding agreement to sell their 100% interest in RetireAustralia to Invesco Real Estate, for A$845m ($925m). As of March 31, the carrying value of Infratil's investment in RetireAustralia was $404m, with the transaction expected to result in an accounting loss on sale of about $80m, the company said. Market heavyweight Fisher & Paykel Healthcare, which has a 16% weighting on the S&P/NZX50 index, fell 31c to $36.69. Retirement village operator Summerset dropped by 25c (2.25%) to $11.08. Transport software specialist Eroad took back some of Thursday's gains, which were on the back of New Zealand's plan to introduce universal road user charges, the stock dropping 6c to $1.95. In the second-tier stocks, major apple exporter T&G Global rallied by 15c (6.7%) to $2.40 after posting a turnaround in its first half to a $1.7m profit from a loss of $18.76m in the previous comparable period. 'As we head into the second half of the year, T&G is in a strong position to build on this momentum,' the company said. 'We're confident in our ability to continue delivering improved financial performance.' T&G's majority owner, Germany's BayWa, has put its stake up for review. BayWa, which has interests ranging from food to construction and energy, first made its play in 2011 for what was then Turners and Growers, with the intention of a complete takeover. T&G's shares have gained 53% in the last 12 months. With a 15% tariff on New Zealand exports to the US now in place, ASB Bank expects beef, dairy and wine exports to be the most heavily affected. 'We think beef is currently under the most risk, but there are opportunities to mitigate the hit,' the bank said. Jamie Gray is an Auckland-based journalist, covering the financial markets and the primary sector. He joined the Herald in 2011.
