Gentrack jumped to a month-high amid speculation the utilities software maker is poised to sign a new contract, while the S&P/50 index snapped a string of five weekly declines as the end of the March quarter draws near.
The benchmark index slipped 18.33 points, or 0.2%, to 12,287.46, ending the week 1.4% higher in its first weekly gain since mid-February. The NZX50 is on track for its worst quarter since June 2022.
“Markets, globally, have been under pressure and it was a pretty weak earnings season last month, although the economic outlook is certainly improving,” said Matt Goodson, managing director at Salt Funds Management.
Stock markets across Asia struggled as investors remain on edge over US President Donald Trump’s tariff programme, with the big reveal on his reciprocal regime due next week. Japan’s Nikkei 225 index dropped 2.3% in early afternoon trading and Hong Kong’s Hang Seng fell 1.4%, while Australia’s S&P/ASX 200 index increased 0.1%.
Fisher & Paykel Healthcare declined 1.5% to $33.65 and Mainfreight slipped 1.6% to $63.20 with the companies among those exposed to the US tariff regime.
Oceania Healthcare led the benchmark index lower, falling 3.3% to 59 cents, while Tourism Holdings fell 3.3% to $1.78.
Meanwhile, Gentrack surged 11% to $11.45, its highest close since Feb 24.
“There’s speculation from job ads that they may have won a significant contract in Bulgaria,” Goodson said. “There’s no announcement from the company yet.”
Decisions, decisions
Contact Energy gained 4.1% to $8.99 and Manawa Energy advanced 3.1% to $4.92. The Commerce Commission is due to make a decision on whether to let Contact buy Manawa on Monday.
Spark New Zealand was the most heavily traded major company on a volume of 2.5 million, gaining 0.5% to $2.08.
Would-be miner New Talisman Gold Mines continued its march higher, gaining 9.3%, or 0.8 of a cent, to 9.4 cents on a volume of 6.3 million shares as gold prices hit a new record. Fellow miner Santana Minerals rose 2.4% to 64 cents.
Seeka rose 1.4% to $3.53 after the kiwifruit grower bought the operating assets of avocado oil maker Olivado out of liquidation.
Hallenstein Glasson Holdings increased 0.1% to $8.25 after reporting a 0.3% increase in first-half profit, with a strong performance from its Glassons Australia arm.
Warehouse Group fell 1.1% to 87 cents and Briscoe Group declined 0.9% to $4.23 after the ANZ consumer confidence survey showed households got gloomier in March, with appetites for buying big ticket items turning negative.
Accordant Group increased 1.3% to 38 cents. After trading closed, the recruitment firm said it expects to report a smaller loss in the March 2025 year after stripping out significant costs in the business.
Statistics New Zealand figures showed the labour market was steady in February with hiring unchanged.
The kiwi dollar fell to 57.14 US cents at 5pm in Auckland from 57.39 cents at 7am and 57.35 cents yesterday.
Reporting by Paul McBeth. Image from Chris Liverani on Unsplash.