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NZ shares take a dip in holiday trading

NZ Newswire logoNZ Newswire 28/12/2016 Sophie Boot

Local shares edged lower in light holiday trading. © Getty Images Local shares edged lower in light holiday trading. New Zealand shares edged lower in light holiday trading, led by Ryman Healthcare and Kathmandu Holdings, while yield stocks Sky Network Television and Kiwi Property Group gained.

The S&P/NZX 50 Index dipped 1.21 points, or 0.02 per cent, to 6,875.78. Within the index, 23 stocks fell, 21 rose and six were unchanged. Turnover was $59.3 million.

"We've had another really massive year - the market just wants to grind into a positive outcome - we're up 8.7 per cent year to date and there was a bit of a positive lead out of markets that have been open over shortened trading, the US was a bit stronger," Shane Solly, director, portfolio manager & research analyst at Harbour Asset Management, said.

Retirement village operator and developer Ryman led the index lower, down 2.3 per cent to $8.10, while rivals Metlifecare rose 2.3 per cent to $5.42 and Summerset advanced 0.4 per cent to $4.57.

"Metlifecare and Summerset have had a bit of a bounce after being under some real selling pressure," Solly said. "A slowing in the rate of growth in the New Zealand residential market's having some impact on retirement village operators, and the operators have certainly positioned themselves carefully so they're still in a position to generate reasonably helpful earnings."

Outdoor equipment chain Kathmandu fell 2.1 per cent to $1.86.

Auckland International Airport dropped 2 per cent to $6.53. Solly said the stock was giving back some gains after a strong month, with positive operating statistics earlier in the month.

Trustpower was the best performer on the index, up 3.3 per cent to $4.75, while Sky TV rose 2.7 per cent to $4.50 and Kiwi Property gained 1.5 per cent to $1.375. Air New Zealand gained 0.5 per cent to $2.12.

Outside the benchmark index, Pumpkin Patch owes $59.5m to its bank ANZ Bank New Zealand and at least $6.6m to other creditors, receivers KordaMentha said in their first report on the failed children's clothing retailer.

Intueri Education Group slumped 23 per cent to 3.1 cents. The group's Australian Conwal & Associates unit has been rejected from provisional entry to the VET student loan scheme transition period, a week after having its application for a hike in funding turned down.

The NZX-listed company's shares have plunged 94 per cent so far this year.

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