New Zealand’s market edged down today but aged-care provider stocks lifted on the news that the government was putting $200 million towards funding pay parity in the health sector.
The S&P/NZX 50 Index fell 74.3 points, or 0.7%, to 11,308.31. Turnover on the main board was $159.8 million.
Hamilton Hindin Greene’s Grant Davies said while NZ’s market had been tracking weaker, retirement stocks had “an initial bounce” thanks to health minister Andrew Little’s statement over the funding, which will fund pay rises for thousands of health workers.
Oceania Healthcare, which was up 6.4% to 83 cents, and Arvida Group, which rose 4.4% to $1.20, had especially benefited, Davies said.
Ryman Healthcare shares initially jumped up by 3% but by the end of the day were up just 0.7% to $6.90.
Summerset Group also edged up 2.8% to $9.30.
Task Group, the company formerly known as Plexure, rose 16.4% to 39 cents by the end of the day after the company promised higher full-year earnings as well as doubling its revenue in its first half-year result since merging with Task last year.
The combined group's revenue rose to $26.6m– from $13.5m in the previous period – with the new Task division adding $9.6m to the figure. Plexure's share of earnings climbed 26% to $17m.
Medicinal cannabis company Greenfern Industries' share price rocketed up by 33.3% to 10 cents after a few weeks of edging lower.
Kiwi Property fell 0.6% to 90.5 cents after an unrealised decrease of $213.3m in its portfolio value sent its first-half results into the red – even though the portfolio’s actual performance was positive.
The property firm posted a $151.1m net loss for the six months ended September, a sharp loss compared to the $143.2m net profit Kiwi Property had in the same six months a year earlier.
Payment terminal supplier Smartpay said its overall revenue jumped 68% to $35.4m in the six months ended Sep 30, a significant increase from the prior year’s $21m.
The company said the key driver of the revenue increase continued to be growth in its Australian transaction revenue, $26.9m compared to $12.6m in the prior comparable period.
Smartpay was up 6.7% to 95 cents at the close of market.
The NZX confirmed it's considering selling a stake in its wealth technologies division to a strategic partner after it was reported as being for sale by Investment News. The stock edged up 1.7% to $1.23 after the announcement was made.
Vector fell 1.5% to $4.09 after it also responded to media speculation today. The infrastructure group said it was aware of “unsubstantiated commentary” in The Australian about Vector’s metering strategic review process.
“The process has not been suspended as the article speculates,” the company wrote.
There’s a smattering of company results out tomorrow, among them healthcare manufacturer Fisher & Paykel Healthcare which was up 0.2% to $20.71.
Today, the NZ dollar was trading at 62.25 US cents at 3pm in Wellington, slipping slightly from 62.52 cents on Friday.