{"id":36491,"date":"2025-09-22T10:30:08","date_gmt":"2025-09-22T10:30:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/36491\/"},"modified":"2025-09-22T10:30:08","modified_gmt":"2025-09-22T10:30:08","slug":"ebos-unwind-pulls-nzx-50-down-0-68-market-close","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/36491\/","title":{"rendered":"Ebos unwind pulls NZX 50 down 0.68% \u2013 Market close"},"content":{"rendered":"

\u201cIt was fundamentally weak heading into that forced buying,\u201d he said. \u201cOn the day people knew that was coming, they fed it out. And now we\u2019re sort of back to: what\u2019s the next announcement? Has it stabilised? Is it growing?\u201d<\/p>\n

Robertshawe said Tower and Chorus were likewise affected by the reshuffles that led to over $500m worth of shares being traded in Friday\u2019s closing session.<\/p>\n

Tower trimmed 1.14% to $1.73, and Chorus cut 1.48% to end the day on $9.29. Spark NZ rose 1.72% to $2.37 but remains down nearly 20% for the year to date.<\/p>\n

Sales and risers<\/p>\n

Travelling in the other direction was Vital Healthcare, which Robertshawe said had passed a liquidity test for FTSE index inclusion.<\/p>\n

The healthcare-related building investor rose 2.75% to $2.24.<\/p>\n

The a2 Milk Company disclosed that its executive team<\/a> had sold more than $6m worth of company shares to meet its tax obligations.<\/p>\n

Included in the on-market sales were 242,345 shares held by managing director and chief executive David Bortolussi.<\/p>\n

Meanwhile, a substantial product holder notice released in the afternoon showed that Harbour Asset Management raised its holding of Mainfreight to over 5%.<\/p>\n

The a2 Milk Company\u2019s shares traded almost flat at $9.58, while Mainfreight lost 1.84% to $63.00.<\/p>\n

Heartland Group added 1.57% to 97 cents after it said it had begun edging towards selling almost $400m of non-strategic assets by selling a stake in Harmoney Corp<\/a>.<\/p>\n

Gold prospects<\/p>\n

Santana Minerals\u2019 shares rose 2.89% to 89 cents after the precious metals explorer said its Rise and Shine gold deposit was \u201cpotentially much bigger\u201d than previously thought.<\/p>\n

Small-cap New Talisman Gold Mines also gained, jumping 5.17% to 6 cents on low volumes.<\/p>\n

Gold, a safe-haven asset, is trading near record highs and heading towards US$4000 ($6828) an ounce.<\/p>\n

After Stats NZ\u2019s weaker-than-expected GDP data release last week, economists are expecting the economy to bounce back in the September quarter.<\/p>\n

Cameron Bagrie, managing director of Bagrie Economics, told BusinessDesk he has pencilled in a 1% number for the third quarter, partly underpinned by statistical noise.<\/p>\n

Robertshawe said he \u201creally does think we are at the bottom now\u201d. <\/p>\n

\u201cSo, if you\u2019re a contrarian investor, you\u2019d say things get better from here … But I probably said that six months ago.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"\u201cIt was fundamentally weak heading into that forced buying,\u201d he said. \u201cOn the day people knew that was…\n","protected":false},"author":2,"featured_media":36492,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[33858,13212,74,33859,138,651,6097,33861,13981,71,13988,209,28162,13986,685,225,111,139,69,13979,26525,28221,33860,10467,33857,4518],"class_list":["post-36491","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-33858","tag-13212","tag-after","tag-benefiting","tag-business","tag-close","tag-down","tag-downwards","tag-ebos","tag-from","tag-gains","tag-group","tag-hold","tag-index","tag-last","tag-market","tag-new-zealand","tag-newzealand","tag-nz","tag-nzx","tag-pulled","tag-pulls","tag-reshuffles","tag-struggled","tag-unwind","tag-weeks"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/36491","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=36491"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/36491\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/36492"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=36491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=36491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=36491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}