Orion Health and Xero down while Air NZ up

  • 27/09/2016
Orion Health and Xero down while Air NZ up

New Zealand shares fell in school holiday trading, with Orion Health Group and Xero dropping while Air New Zealand bounced after recent losses.

The S&P/NZX 50 Index dropped 11.95 points, or 0.2 percent, to 7,252.92. Within the index, 33 stocks fell, 12 rose and five were unchanged. Turnover was $120.9 million.

Orion Health Group led the index lower, falling 4.6 percent to $3.29.

"The stock has retraced from recent highs, it's been quite a move - there's a degree of focus returning to the profitability of the revenue generation and how the cash balance is looking, given the comments made," Matt Goodson, managing director at Salt Funds Management, said.

Xero shed 3.1 percent to $19.30, Heartland Bank fell 1.9 percent to $1.52, and Scales Corp dropped 1.9 percent to $3.09.

Property stocks weakened slightly, with Stride Property down 1.5 percent to $1.97, Goodman Property Trust falling 1.2 percent to $1.285, and Kiwi Property Group declining 1 percent to $1.485.

Air New Zealand was the biggest gainer, up 2.8 percent to $1.85 after hitting a 22-month low on Monday. It's dropped 32 percent this year, having hit a 14-year record high in January.

"There are two problems - there has been a pickup in oil prices of late, in hopes that OPEC may reach some deal at their latest meeting, and secondly there has clearly been very sharp yield competition from a number of new entrants on various of their routes," Goodson said.

Fletcher Building rose 1.6 percent to $10.57 and Ebos Group gained 1.4 percent to $18.80.

Outside the main index, Intueri Education Group plunged 80 percent to 6 cents.

Hellaby Holdings gained 8.9 percent to $3.30. ASX-listed auto parts firm Bapcor has mounted a $322.5 million takeover bid for the investment firm as it looks to extend its reach into New Zealand's local auto market, offering $3.30 a share to take full control.