A range of index changes saw some big swings in individual stocks but overall the market finished in slightly positive territory.<\/p>\n
The S&P\/NZX50 closed up 10.73 points or 0.09 per cent up on 12,551.93 points.<\/p>\n
Turnover was 85.5 million shares worth $419 million.<\/p>\n
Harbour Asset Management portfolio manager Shane Solly said index changes in both the FTSE indices and the NZX portfolio indices had influenced market movements.<\/p>\n
Andglobally longer maturity government bond yields fell because of the view the market had got ahead of itself over fears about rising inflation.<\/p>\n
Solly said that had pushed investors back into growth stocks again.<\/p>\n
“During the day we have seen some big moves but if you look at the market on its own it’s not up by much.”<\/p>\n
Shares in A2 Milk<\/strong> gained the most rising 6.3 per cent or 40c to $6.75 followed by Synlait Milk<\/strong> which rose 20c or 5.54 per cent to $3.81.<\/p>\n Solly said around 6.3 million shares in A2 had changed hands.<\/p>\n “That is quite a big number. Bigger than a normal day’s trading in the stock.”<\/p>\n Normally it only traded a couple of million shares.<\/p>\n Digital church donation service provider Pushpay Holdings<\/strong> also saw a substantial gain in its shares rising 7c or 4 per cent to $1.82.<\/p>\n While Tourism Holdings<\/strong> also rose 9c or 3.67 per cent to $2.54.<\/p>\n Ryman Healthcare<\/strong> rose 1.93 per cent or 25c to $13.23 which was also likely to be due to index changes while rival retirement village operator Oceania Healthcare<\/strong> shares fell 4 per cent or 6c to $1.44.<\/p>\n Shares in Air New Zealand<\/strong> dipped 0.31 per cent or half a cent to $1.615 after giving an update on its profit guidance which was slightly lower than the market expected.<\/p>\n Air New Zealand said it expected losses before other significant items and taxation “will not exceed” $450m for the 2021 financial year.<\/p>\n Solly said the airline had worked hard to get to a break-even point with its cash burn.<\/p>\n The airline said it was not expecting any meaningful recovery in long-haul demand in the 2022 financial year, notwithstanding global vaccination programmes and the potential for long-haul borders to begin reopening progressively in the second half of the financial year.<\/p>\n Guidance for its FY22 was lower than the market had expected with the company highlighting there were a number government support measures that would not be continuing.<\/p>\n The airline still has a potential capital raise on its horizon before the end of September.<\/p>\n