Auckland International Airport rallied after lowering proposed price hikes to fund the bevy of work upgrading its terminals, helping offset a broader decline on the local market as the upcoming Liberation Day tariff regime keeps investors on edge.
The S&P/NZX 50 index declined 17.47 points, or 0.1%, to 12,270, outperforming the broad selloff across Asia over fears about the looming US tariff programme. Australia’s S&P/ASX 200 index was down 1.5% in late trading, while Japan’s Nikkei 225 index slumped 4.1%, and Hong Kong’s Hang Seng slid 1.7%.
“It’s probably going to be a catalyst in either direction,” said Jeremy Sullivan, an investment adviser at Hamilton Hindin Greene. “The uncertainty is not particularly good for markets.”
The benchmark index finished the March quarter down 6.4%, with a relatively heavy turnover of $252.4 million on the main board in the final day of trading.
Mainfreight and Fisher & Paykel Healthcare – which are both exposed to the US tariff regime – were weaker on the day, falling 2.4% to $61.68 and 0.3% to $33.54 respectively.
Stride Property led the benchmark index lower, declining 2.6% to $1.12.
Auckland airport was one of the main supports for the local market as it gained 1.4% to $8.17 on a volume of 16.2 million shares. The country’s major gateway today said it will reduce planned airline charges to what the Commerce Commission found to be reasonable, as it continues major terminal upgrades.
Air New Zealand was unchanged at 63 cents on a volume of 1.8 million after saying group capacity shrank 4.4% in February from a year earlier, while the underlying revenue per available seat kilometre improved 0.9%.
Contact Energy rose 1.9% to $9.16 after the Commerce Commission pushed out a determination on whether the power company can buy generator Manawa Energy, which increased 0.2% to $4.93. Infratil, which owns a controlling share of Manawa, declined 1.3% to $10.38.
Tower shares were halted to let substantial shareholder Bain Capital sell its near-20% stake. Australian media reported the block trade was priced at $1.30, a discount to the $1.485 closing price on Friday.
A new world
Warehouse Group gained 2.3% to 89 cents after the government announced plans to improve competition in the grocery sector, including potentially forcing divestments by the dominant Foodstuffs cooperatives and ASX-listed Woolworths.
Fonterra Shareholders’ Fund units gained 3.1% to $5.59 after the dairy exporter named a chair-elect of its Mainland consumer division, which it’s planning to either sell or spin out into an initial public offering. NZX rose 2.6% to $1.59.
Oceania Healthcare posted the biggest gain on the benchmark index, up 3.4% at 61 cents.
Being AI remained suspended from trading after appointing new directors, including Michael Stiassny as chair. The new board will review the business and provide an update once they’ve got a handle on its operations.
NZME was unchanged at $1.18 after the board delayed its upcoming annual meeting until June, and pushed back against claims by rebel shareholder Jim Grenon, who’s seeking to oust the board.
Would-be miner New Talisman Gold Mines fell 6.4%, or 0.6 of a cent, to 8.8 cents, unwinding some of its recent gains.
And on the Snowball Effect platform, Glory League Stats reached its minimum target in an equity crowdfunding, with almost $811,000 pledged.
Reporting by Paul McBeth. Image from Curious News.
