You are using an older browser version. Please use a supported version for the best MSN experience.

Orion Health, Kathmandu finish week down

NZ Newswire logoNZ Newswire 11/11/2016 Sophie Boot

New Zealand shares declined at the end of a volatile week that saw Donald Trump win the US presidency. Orion Health Group and Kathmandu Holdings led the index lower, while Trade Me Group rose.

The S&P/NZX50 dropped 35.93 points, or 0.5 per cent, to 6,697.79. Within the index, 32 stocks fell, 12 rose and seven were unchanged. Turnover was $177.3 million.

"We've had a bit of a rough day today and I think we've got more in store," said David Price, broker at Forsyth Barr.

"A good thing to remember is this isn't going to blow over in the course of a few days, we'll have quite a lot of volatility before things really get bedded down offshore. You have seen quite a strong sell off in the interest rate sensitive stocks.

"The market's had a pretty strong run over a long period of time, it has been stretched on historic multiples and there's probably room for it to come back a little further."

Orion fell 6.7 per cent to $2.80.

Kathmandu Holdings dropped 4.5 per cent to $1.91, while Auckland International Airport dropped 3.3 per cent to $6.11.

Infratil fell 2.2 per cent to $2.88. The listed infrastructure investor reported a 7.1 per cent fall in earnings as its Perth Energy division faced difficult retail conditions in Western Australia, and the company now sees its annual result tracking at the bottom end of its forecast.

Trade Me was the best performer, up 3.7 per cent to $4.72. Westpac rose 3.6 per cent to $33.60, and ANZ gained 2.9 per cent to $29.80.

Sky TV advanced 1.4 per cent to $4.30. The date for a decision on its Commerce Commission application to merge with Vodafone New Zealand has been pushed back to Dec. 21 from Friday to let the regulator process new submissions and cross submissions.

Warehouse Group was unchanged at $3.

Outside the benchmark index, Seeka was unchanged at $4.50. The largest kiwifruit grower in New Zealand and Australia says it has settled a second insurance claim from a 2015 fire, and has updated its earnings guidance to reflect the "extraordinary gain" of $3.6m

AFT Pharmaceuticals was unchanged at $3.15. The maker of ibuprofen-paracetamol painkiller Maxigesic said its operating loss widened to $8.4m in the first half as it continues with its global rollout and trials new versions of its products.

image beaconimage beaconimage beacon