{"id":304380,"date":"2026-02-27T05:28:18","date_gmt":"2026-02-27T05:28:18","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/304380\/"},"modified":"2026-02-27T05:28:18","modified_gmt":"2026-02-27T05:28:18","slug":"nz-sharemarket-up-despite-turbulence-from-air-nz-and-precinct-properties-market-close","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/304380\/","title":{"rendered":"NZ sharemarket up despite turbulence from Air NZ and Precinct Properties – Market close"},"content":{"rendered":"

\u201cANZ\u2019s business confidence<\/a> measure dipped slightly, which reflected the talk of interest rate cuts being down for the year, although there are still elements of inflation pressure,\u201d Smith said.<\/p>\n

On the main board, Air New Zealand<\/a> was the key result, with the company underperforming against its own expectations, reporting a $59m pre-tax loss in its half-year result.<\/p>\n

The company cited engine maintenance delays, sluggish domestic demand, increasing aviation system costs and a weaker New Zealand dollar as reasons behind the decline.<\/p>\n

Smith said Air New Zealand wasn\u2019t alone in facing challenging conditions, referencing Qantas Airlines\u2019 result, which noted softer-than-expected corporate demand.<\/p>\n

Air New Zealand\u2019s share price fell 1.74% or 1c to 56c after 6.2 million shares worth $3.5m were traded.<\/p>\n

Elsewhere, Precinct Properties<\/a> suffered a bottom-line profit drop after devaluations.<\/p>\n

Precinct Properties\u2019 net profit after tax fell from $9.2m in the December 2024 half-year to $2.9m, but the company is still advancing its 56-level Downtown Carpark redevelopment near Auckland\u2019s waterfront.<\/p>\n

Smith said Precinct\u2019s Auckland office portfolio was performing well, although its Wellington arm was \u201cunsurprisingly soft\u201d.<\/p>\n

Precinct Properties\u2019 share price fell 3.06% or 3c to $1.11.<\/p>\n

Meanwhile, Sky Television<\/a> reported a strong $19.3m after-tax underlying profit, with its revenue boosted by its acquisition of Three (TV3).<\/p>\n

However, the company said economic conditions \u201cremain challenging in the near term\u201d, reporting a further drop in the number of Sky Box and Neon customers.<\/p>\n

Smith said it was a \u201cpretty messy\u201d result, but overall remained solid.<\/p>\n

\u201cThey\u2019ve made good money on the Discovery acquisition, and the Sky Box losses are declining. Sky Sport Now is also doing well, so it reaffirms how important the rugby and cricket coverage is to it.\u201d<\/p>\n

Sky Television\u2019s share price rallied 3.38% or 11c to $3.36.<\/p>\n

The wider NZ sharemarket was bolstered by its biggest inhabitant, Fisher & Paykel Healthcare. Its shares lifted 2.24% or 90c to $41 on turnover worth $17m.<\/p>\n

Summerset Group also had a strong day ahead of its result on Friday, rallying 4.18% or 43c to $10.71.<\/p>\n

Ryman Healthcare followed suit, rallying 5.08% or 12c to $2.48.<\/p>\n

Companies set to report on Friday include Port of Tauranga, Channel Infrastructure and Vista Group.<\/p>\n

International news<\/p>\n

Nvidia on Wednesday (US time) reported blockbuster quarterly results that blew past Wall Street expectations, posting record revenue of US$68.1 billion as insatiable demand for its artificial intelligence chips showed no sign of cooling.<\/p>\n

The figures, up 73% from a year ago and well above the US$65.7b analysts had forecast, sent a powerful signal that the technology buildout dominated by Nvidia that underpins the global AI boom remains in full swing.<\/p>\n

Despite increased volatility around AI on Wall Street, Nvidia shares are up by more than 50% over the past year, though just 2.2% year to date, before the latest earnings.<\/p>\n

The Seoul, Tokyo, London, and Paris exchanges each beat its previous intraday highs, also in reaction to well-received company updates.<\/p>\n

In New York, the tech-centred Nasdaq again led the way, rising 1.3%.<\/p>\n

\u2013 Additional reporting AFP<\/p>\n

Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.<\/p>\n

Stay ahead with the latest market moves, corporate updates, and economic insights by subscribing to our Business newsletter<\/a> \u2013 your essential weekly round-up of all the business news you need.<\/p>\n","protected":false},"excerpt":{"rendered":"\u201cANZ\u2019s business confidence measure dipped slightly, which reflected the talk of interest rate cuts being down for the…\n","protected":false},"author":2,"featured_media":304381,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[68,95,138,651,127,71,321,225,111,139,69,56448,1356,5909,12000,1125,48877,28050,115303,166655,810,80],"class_list":["post-304380","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-air","tag-and","tag-business","tag-close","tag-despite","tag-from","tag-investors","tag-market","tag-new-zealand","tag-newzealand","tag-nz","tag-precinct","tag-properties","tag-results","tag-rose","tag-sharemarket","tag-steadily","tag-thursday","tag-turbulence","tag-underwhelming","tag-up","tag-zealand"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/304380","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=304380"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/304380\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/304381"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=304380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=304380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=304380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}