\u201cMaybe the market was pricing in some strong growth forever, because it\u2019s always seemed to have delivered it. And now there\u2019s a bit of a resetting of expectations.\u201d<\/p>\n
Singh said a change in management may have compounded downside momentum. <\/p>\n
Infratil and energy<\/p>\n
Like the index, Infratil reversed the gains it made earlier in the week and fell 1.69% to $12.19.<\/p>\n
Citigroup initiated coverage of the infrastructure investor with a \u201cbuy\u201d rating on Friday, which Singh said \u201creflects that Infratil is now becoming a sizeable constituent in the Australian index\u201d.<\/p>\n
Large trading volumes passed through energy stocks, with Contact Energy leading the way with over $11m in value traded.<\/p>\n
The stock sank 0.22% to $9.13, while Meridian Energy lost 2.04% to $5.75.<\/p>\n
Mercury NZ, which also traded on elevated volumes, dipped 0.3% to $6.74, and Genesis Energy rose 0.42% to $2.40.<\/p>\n
Over the weekend, eight members of OPEC+ agreed to raise oil production from October by 137,000 barrels per day, an event cited by international media as a reason for energy stock moves.<\/p>\n
Because the New Zealand energy market is predominantly renewable, Singh said the listed gentailers have less exposure to oil prices than their international counterparts.<\/p>\n
He said the move in Meridian was more likely related to investors cashing in on recent gains.<\/p>\n
\u201cIt\u2019s added 30-odd cents since late August. It\u2019s probably just a little bit of profit-taking from its recent strength.\u201d<\/p>\n
The rest<\/p>\n
KMD Brands was one of the largest decliners, losing 5.56% to 25.5 cents. <\/p>\n
In an investor note on Monday ahead of KMD\u2019s full-year result later this month, Forsyth Barr analysts Paul Koraua and Rohan Koreman-Smit rated the stock at \u201cneutral\u201d. They have set a one-year target price of 37 cents.<\/p>\n
Briscoe Group, which gained 1.25% to $5.69, will report its half-year results on Wednesday.<\/p>\n
In other news, an announcement from Oceania, saying its chief legal officer Claire Fisher had resigned, was followed a couple of hours later by one from Stride Property, saying it had hired her.<\/p>\n
Fisher has been appointed as the general manager of corporate services at Stride and will officially start in November.<\/p>\n
Stride\u2019s shares were up 0.78% at $1.29 and Oceania\u2019s jumped 1.43% to 71 cents.<\/p>\n
Sticking with retirement companies, Summerset Group\u2019s shares lifted 1.55% to $11.11 while Ryman Healthcare traded flat at $2.56.<\/p>\n","protected":false},"excerpt":{"rendered":"\u201cMaybe the market was pricing in some strong growth forever, because it\u2019s always seemed to have delivered it.…\n","protected":false},"author":2,"featured_media":11445,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[13991,13212,806,13990,13985,138,651,13982,13981,13987,13989,1888,13984,71,13988,209,2964,13986,225,9878,111,139,69,13979,7811,13980,2044,13983,80],"class_list":["post-11444","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-13991","tag-13212","tag-as","tag-below","tag-benchmark","tag-business","tag-close","tag-continues","tag-ebos","tag-erased","tag-fell","tag-first","tag-fortnight","tag-from","tag-gains","tag-group","tag-half","tag-index","tag-market","tag-monday","tag-new-zealand","tag-newzealand","tag-nz","tag-nzx","tag-since","tag-stumbles","tag-time","tag-tough","tag-zealand"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/11444","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=11444"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/11444\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/11445"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=11444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=11444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=11444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}