This followed other downgrades by Jarden and Sydney-based Barrenjoey in the past week.<\/p>\n
Shane Solly, portfolio manager with Harbour Asset Management, said Fisher & Paykel\u2019s share price has been weak since the Middle East conflict.<\/p>\n
\u201cIf you are servicing into the Middle East, the countries there have reduced demand \u2013 as Cochlear and CSL have seen.<\/p>\n
\u201cFisher & Paykel has good inventory but there\u2019s future risk \u2013 slower homecare sales and margin pressure from distribution and price rises in plastic and resin,\u201d he said.<\/p>\n
Cancer diagnostics company Pacific Edge<\/a> surged 9.5c or 54.29% to 27c after learning that a draft local coverage determination for its Cxbladder testing has been published to the US Medicare database, with explicit coding guidance.<\/p>\n Pacific Edge said there was a 45-day notice and comment period, and within 12 months Medicare consultant Novitas must publish the final determination or withdraw the draft.<\/p>\n Solly said the update on Medicare funding was a big boost for Pacific Edge: \u201cThere are still elements to be confirmed, but it has the potential to accelerate the company\u2019s revenue.<\/p>\n \u201cPacific Edge\u2019s new product Triage Plus has been included in the determination earlier than expected, and it\u2019s now up to the company to work hard and get the products into the market.<\/p>\n \u201cWe\u2019ve seen a big spread between the winners and losers today \u2013 Fisher & Paykel and Pacific Edge,\u201d Solly said. \u201cThe market is gearing up for the reporting season starting next week and is wary about earnings guidance.\u201d<\/p>\n The BNZ-BusinessNZ Performance of Manufacturing Index was 50.5 in April, down from 52.8 in March and 54.6 in February.<\/p>\n \u201cIt shows manufacturing is still in expansion territory, but it\u2019s getting close to the point where the economy is starting to shrink,\u201d said Solly.<\/p>\n Fletcher Building rose 14c or 4.84% to $3.03 after selling its Iplex South Australian property to an investor for A$20.05m ($24.5m) \u2013 a gain of A$10m. Iplex will lease the site for up to 12 months after the sale is completed next month.<\/p>\n Summerset was down 21c or 2.84% to $7.19; Serko decreased 7c or 4.61% to $1.45; Port of Tauranga shed 14c to $8.28; and Synlait Milk declined 2c or 4.17% to 46c.<\/p>\n Gentrack, which reports on Monday, improved 18c or 4.59% to $4.10; Freightways was up 26c or 2.01% to $13.20; and Briscoe Group increased 10c or 2.08% to $4.90.<\/p>\n Property for Industry gained 6c or 2.51% to $2.45; and Investore was up 3.5c or 3.38% to $1.07.<\/p>\n Meridian Energy<\/a>, down 6c to $5.85, has received consent to build a second 120MW solar farm at Bunnythorpe near Palmerston North. The 250,000 solar panels will produce up to 225GWh of electricity a year \u2013 enough to power about 30,000 homes.<\/p>\n Meridian said national electricity demand in April was 3.7% higher than the same month last year, and retail sales volumes increased 8.2%, with residential 25% higher.<\/p>\n In the month to May 11, national hydro storage increased from 106% to 119% of the historical average, with South Island storage at 109% and North Island 201%.<\/p>\n