MARKET WRAP: NZ shares fall as Sky shares continue to fall
Plus: the top gainers and the biggest losers.
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Scroll down for the top gainers and the biggest losers.
New Zealand shares fell today, with Sky TV sinking further after last month’s turmoil, and Orion Health struggling to recover from its tumble at the start of the week.
The S&P/NZ50 Index fell 34.09 points, or 0.41%, to 8363. Turnover was $133 million.
“Orion is bouncing around, we’ve been very, very disappointed with this company. Our analysts have been struggling with it for a long time,” says Craigs Investment Partners senior investment adviser Nigel Scott.
Orion Health shares rose 1.69% to 0.60 today but are a long way from their 0.70 finish at the end of last week
On Tuesday the healthcare software company downgraded revenue guidance from $175-190m to $170-173 million for its 2017 financial year ended March 31, saying it would axe jobs soon to cut costs.
Sky TV shares dropped 5.11% to $2.23 today.
The company's shares have fallen dramatically following its announcement last Wednesday that it had missed out on the rights to screen the 2019 Rugby World Cup. On Wednesday it revealed a joint-venture aimed at promoting the TV industry over digital networks called ThinkTV with partners Mediaworks and TVNZ.
Shares in the troubled Fletcher Building were down 0.17% to $5.70 today, continuing a trend that Mr Scott says is “very disappointing for investors”.
The markets had a muted reaction to China’s announcement yesterday of new tariffs on 106 US products, including soy, cars and chemicals compared with the reactions to tariffs placed on China by the US earlier in the week.
But Mr Scott says further volatility is only a tweet away.
“It’s probably not just the trade side that has people concerned, it’s the posturing of who’s the biggest player in the world.”
Top 5 gainers of the day
Energy Mad $0.010. Up $0.004 / 66.67%
Allied Farmers $0.095. Up $0.006 / 6.74%
TIL Logistics $2.080. Up $0.110 / 5.58%
BLIS Technologies $0.019. Up $0.001 / 5.56%
Scott Technology $3.500. Up $0.150 / 4.48%
Top 5 losers of the day.
Veritas Investments $0.030. Down $-0.010 / -25.00%
Blackwell Global Holdings $0.010. Down $-0.002 / -16.67%
Mercer Group $0.300. Down $-0.050 / -14.29%
Sky TV $2.210. Down $-0.140 / -5.96%
Wellington Drive Technologies $0.140. Down $-0.005 / -3.45%
Mackenzie Smith
Wed, 11 Jul 2018
Wed, 11 Jul 2018
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MARKET WRAP: NZ shares fall as Sky shares continue to fall
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