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Orion Health and Xero fall while Air NZ up

NZ NewswireNZ Newswire 27/09/2016 Sophie Boot

New Zealand shares fell in school holiday trading, with Orion Health Group and Xero dropping while Air New Zealand bounced after recent losses.

The S&P/NZX 50 Index dropped 11.95 points, or 0.2 per cent, to 7,252.92. Within the index, 33 stocks fell, 12 rose and five were unchanged. Turnover was $120.9 million.

Orion Health Group led the index lower, falling 4.6 per cent to $3.29.

"The stock has retraced from recent highs, it's been quite a move - there's a degree of focus returning to the profitability of the revenue generation and how the cash balance is looking, given the comments made," Matt Goodson, managing director at Salt Funds Management, said.

Xero shed 3.1 per cent to $19.30, Heartland Bank fell 1.9 per cent to $1.52, and Scales Corp dropped 1.9 per cent to $3.09.

Property stocks weakened slightly, with Stride Property down 1.5 per cent to $1.97, Goodman Property Trust falling 1.2 per cent to $1.285, and Kiwi Property Group declining 1 per cent to $1.485.

Air New Zealand was the biggest gainer, up 2.8 per cent to $1.85 after hitting a 22-month low on Monday. It's dropped 32 per cent this year, having hit a 14-year record high in January.

"There are two problems - there has been a pickup in oil prices of late, in hopes that OPEC may reach some deal at their latest meeting, and secondly there has clearly been very sharp yield competition from a number of new entrants on various of their routes," Goodson said.

Fletcher Building rose 1.6 per cent to $10.57 and Ebos Group gained 1.4 per cent to $18.80.

Outside the main index, Intueri Education Group plunged 80 per cent to 6 cents.

Hellaby Holdings gained 8.9 per cent to $3.30. ASX-listed auto parts firm Bapcor has mounted a $322.5 million takeover bid for the investment firm as it looks to extend its reach into New Zealand's local auto market, offering $3.30 a share to take full control.

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