FPH, the market\u2019s biggest stock, finished at 10c down at $38.90.<\/p>\n
Swiss wealth management giant UBS Group AG raised its stake in vehicle hardware firm Eroad to 5.05% from 2.18% and raised its holding in cinema software company Vista Group to 5.0% from 4.01%.<\/p>\n
Eroad closed at $1.21, down 2c, while Vista dropped 11c to $2.51.<\/p>\n
Regal Partners Funds Management \u2013 an ASX-listed, specialist alternative investment manager \u2013 increased its stake in utility software specialist Gentrack to 9.79% from 8.44%, the stock finishing steady at $8.70.<\/p>\n
Investment company Infratil continued to ease \u2013 dropping by 18c to $11.42 \u2013 after being firm earlier in the week.<\/p>\n
Fletcher Building \u2013 one of the market\u2019s key cyclical stocks \u2013 firmed 1c to $3.81.<\/p>\n
Hamilton Hindin Greene investment adviser Jeremy Sullivan said volumes were typically light for this time of year but he expected activity levels to increase next week when institutional investors return from the Christmas-New Year break.<\/p>\n
He noted signals from US markets were mixed, the S&P 500 and the Dow ending lower, while the Nasdaq was slightly firmer as the market digested US President Donald Trump\u2019s latest announcements on defence spending and housing.<\/p>\n
\u201cTrump came out with some policies that spooked some investors in the defence stocks \u2013 saying that the US will not permit dividends or share buybacks for any of the contractors,\u201d Sullivan said.<\/p>\n
Similarly, investors were unsettled by Trump\u2019s plan to prevent investment companies such as Blackstone from investing in residential real estate.<\/p>\n
Since the close, Trump also said he wanted to increase the US military budget to US$1.5 trillion, significantly higher than the $901 billion approved by Congress for 2026, which met with scepticism from budget experts.<\/p>\n
Any such increase in the military budget would require congressional approval.<\/p>\n
\u201cThose defence stocks \u2013 which were down overnight our time \u2013 will likely bounce back tomorrow,\u201d Sullivan said.<\/p>\n
Across the Tasman, the bid for BlueScope A$30 share bid by SGH and Steel Dynamics for BlueScope deal was knocked back for being too low.<\/p>\n
BlueScope, which owns 15.8% of Steel and Tube (down 1.5c at 65c) said the offer \u201cvery significantly undervalued\u201d the company.<\/p>\n
\u201cThere\u2019s always the potential that the suitor may come back with, with a higher price, which is certainly what the Bluescope shareholders will be hoping for,\u201d Sullivan said.<\/p>\n
\u201cSo there was a little bit of corporate action across the Tasman, but it was relatively quiet day today on our market.\u201d<\/p>\n
Among the smaller issues, Green Cross Health shares fell 7c to $1.10 on light volume.<\/p>\n
Cash-strapped manuka honey company Comvita was weaker earlier in the session but ended the day square at 51c.<\/p>\n
Move Logistics dropped 2c or 6.35% to close at 29.5c.<\/p>\n
Meanwhile, NZX data showed the total capitalisation of the market came to $246.9 billion in December, 56.1% of GDP while derivative trading gained 232.2% in the year to date to 815,494 lots.<\/p>\n
Jamie Gray is an Auckland-based journalist, covering the financial markets, the primary sector and energy. He joined the Herald in 2011.<\/p>\n