Another quiet day<\/p>\n
Harbour Asset Management portfolio manager Shane Solly said it was another in-between day with market participants away and little news flow.<\/p>\n
He said there was a choppy end to the session with some investors \u201cdoing what they need to do\u201d in rebalancing their portfolios before the end of the year.<\/p>\n
\u201cOverall, the performance of the NZX 50 this year has been disappointing,\u201d said Solly. \u201cWe\u2019ve seen a strong performance globally but not in our part of the world.<\/p>\n
\u201cThe local market has been underpinned by the mid to small-cap stocks whose fuse was lit when the Reserve Bank got constructive and started cutting interest rates. But the top end of the market has under-performed.\u201d<\/p>\n
Solly said among the top performers have been Sanford, a2 Milk, Fonterra and Scales Corp. \u201cThat\u2019s great for New Zealand because it tells us the primary sector has had a good year.<\/a><\/p>\n \u201cTower, Channel Infrastructure, Napier Port, Sky TV, Freightways and Turners Automotive have also dominated. Channel is being described in Australia as the New Zealand interloper because it\u2019s started aggregating assets over there.\u201d<\/p>\n The top four stocks have lagged the NZX 50. Fisher and Paykel Healthcare is down 3.5% for the year, Meridian 7.8%, Infratil 10.56% and Auckland International Airport down 4.8%.<\/p>\n Solly said the local market had a tough first half of the year but \u201cwe\u2019ve seen a recovery as the year has gone on\u201d. <\/p>\n \u201cThe index increased 15.5% from the end of June and this has put the market in a solid place. <\/p>\n \u201cCompanies are now well positioned for uncertainty and able to manage risk, the economy is ticking up and the market is looking solid for next year.\u201d<\/p>\n US uncertainty<\/p>\n There was uncertainty in the US markets and technology stocks, with the Dow Jones Industrial Average falling 0.51% to 48,461.93 points, S&P 500 down 0.35% to 6905.74, and Nasdaq Composite declining 0.5% to 23,474.35.<\/p>\n Tesla declined 3.27% to US$459.64 ($791.51); Nvidia was down 1.21% to US$188.22; Oracle decreased 1.32% to US$195.38; and Palantir shed 2.4% to US$184.18.<\/p>\n Even with the pullback, the S&P 500 is still up more than 17% for the year, while the Dow has gained over 14%. The technology-driven Nasdaq has risen more than 22%, despite briefly entering bear-market territory in April after US President Donald Trump announced sweeping new tariffs.<\/p>\n Freightways on move<\/p>\n Back home, Freightways \u2013 up 35.75% for the year \u2013 continued its strong run by gaining 22c to $14.43. a2 Milk added 10c to $10.75, Mercury Energy made 8c to $6.48, and Fisher and Paykel Healthcare was up 18c to $37.65.<\/p>\n Sanford, gaining 77% this year, increased 17c or 2.34% to $7.45, Ebos Group rebounded 12c to $27.75, SkyCity was up 1.5c to 90c, Scales Corp added 15c or 2.57% to $5.98, and Eroad gained 2.5c or 2.02% to $1.265.<\/p>\n Retailers Hallenstein Glasson collected 12c to $9.88, and Michael Hill increased 1.5c or 3.85% to 40.5c.<\/p>\n Wine exporters Delegat Group was up 8c or 1.78% to $4.58, and Foley Wines increased 3.5c or 5.69% to 65c.<\/p>\n Gentrack again slid, down 16c or 1.85% to $8.47, Summerset decreased 20c to $12.15, AFT Pharmaceuticals declined 10c or 2.86% to $3.40, and Vulcan Steel fell 15c or 1.81% to $8.15.<\/p>\n Santana Minerals was down 3c or 2.78% to $1.05 after the price of gold hit a two-week low on Monday.<\/p>\n