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Metro Glass and Orion lead NZX 50 lower

NZ Newswire logoNZ Newswire 17/11/2016 Sophie Boot

New Zealand shares dipped, led lower by Orion Health Group and Metro Performance Glass, while New Zealand Refining Co gained on improved margins.

The S&P/NZX50 fell 9.93 points, or 0.2 per cent, to 6,814.65. Within the index, 25 stocks fell, 20 rose and six were unchanged. Turnover was $145.6 million.

Orion Health Group was the worst performer on the index, down 3.8 per cent to $2.79.

Metro Performance Glass declined 3.1 per cent to $2.16 while Fletcher Building dropped 2.7 per cent to $10.65. Both stocks had rallied this week following Monday morning's 7.8 magnitude earthquake near Kaikoura, on anticipation a rebuild would bolster their profits.

"If you look at the damage versus Christchurch, without looking at anything specific most of the damage appears to be to infrastructure - roads and rail - and so you're not going to get a great extra demand for building products, wheareas Christchurch it was lots of houses," said David Price, broker at Forsyth Barr.

New Zealand Refining was the best performer, up 5 per cent to $2.73. The oil refiner on Thursday released its throughput and margin report for September and October, with a gross refining margin of $US7.49 per barrel and processing fee income of $52.5 million.

Heartland Bank rose 3.3 per cent to $1.57. It reported a 21 per cent increase in quarterly profit, reflecting growth in its loan book, and affirmed its guidance for 2017 earnings to rise as much as 11 per cent.

Stride Property Group gained 1.1 per cent to $1.83 and Precinct Properties New Zealand was unchanged at $1.215.

Outside the main index, Rakon dropped 15 per cent to 17 cents. The company posted a first-half loss, blaming a sluggish telecommunications network industry for lacklustre sales.

Steel & Tube Holdings gained 0.9 per cent to $2.32. Chief executive Dave Taylor says a "dramatic upswing" in coking coal prices and higher iron ore prices meant there needs to be a hike in domestic steel prices in New Zealand next year.

Veritas Investments was unchanged at 20 cents.

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