{"id":645615,"date":"2026-10-30T06:58:11","date_gmt":"2026-10-30T06:58:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/645615\/"},"modified":"2026-10-30T06:58:11","modified_gmt":"2026-10-30T06:58:11","slug":"nz-sharemarket-ends-week-up-0-6-up-1-6-for-the-year-to-date-market-close","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/645615\/","title":{"rendered":"NZ sharemarket ends week up 0.6%, up 1.6% for the year to date \u2013 Market close"},"content":{"rendered":"

Precinct Properties, which developed Commercial Bay in lower Queen St, rose 7c, or 7.45%, to $1.01 after delaying redevelopment of the adjacent Downtown Carpark<\/a> because of current market conditions, including higher inflation and interest rates.<\/p>\n

The plan was a 55-level office tower housing more than 7000 workers and three podium levels of retail and hospitality. There was also the possibility of a second residential and hotel tower.<\/p>\n

Now, Precinct will continue operating the site as a carpark, targeting a yield on cost of around 5%.<\/p>\n

Shane Solly, portfolio manager with Harbour Asset Management, said Precinct made a hard but sensible call.<\/p>\n

\u201cThe construction and interest costs made it difficult for the project to stack up, and the Precinct decision was good governance and capital management. <\/p>\n

\u201cThe board couldn\u2019t use their capital well and were prepared to say \u2018No\u2019. More companies should be doing that,\u201d Solly said.<\/p>\n

Precinct is now returning capital to shareholders. It will make a special distribution of 5.555c per share worth $103m and undertake a share consolidation, converting 17 existing stapled shares into 16. <\/p>\n

Precinct will also buy back shares worth $50m over the next 12 months. It lowered its annual dividend for the 2027 financial year to 6.5c a share, from 6.75c in the previous year.<\/p>\n

Other property stocks also flourished. Stride rose 5c, or 4.81%, to $1.09; Vital Healthcare Trust gained 5.5c, or 3.13%, to $1.81; Argosy was up 2c, or 1.96%, to $1.04; Property for Industry added 5c, or 2.27%, to $2.25; and Goodman NZ collected 3c to $1.90.<\/p>\n

The ANZ-Roy Morgan Consumer Confidence eased 2 points in October to 96.2, still 16 points above its April low.<\/p>\n

The net proportion of households thinking it\u2019s a good time to buy a major household item dropped 10 points to minus 17%, as cost-of-living pressures dented spending plans<\/p>\n

Perceptions of current personal financial situations (better or worse off than last year) deteriorated from minus 19% to minus 21%<\/p>\n

Solly said consumers were battling higher fuel prices and swapping diesel for dining out. The weak housing market was also weighing on consumer confidence.<\/p>\n

Other stocks<\/p>\n

Fisher & Paykel Healthcare gained 28c to $47.66 on trade worth $43.9m after its competitor, ResMed, reported a solid first-quarter result.<\/p>\n

Ebos Group was up 42c or 2.09% to $20.50; Fletcher Building increased 12c or 3.57% to $3.48; Scales Corp gained 15c or 2.34% to $6.55; Ryman Healthcare added 3c or 1.72% to $1.77; and Serko continued its run, climbing 5c or 4.24% to $1.23.<\/p>\n

Retailers Hallenstein Glasson was up 27c, or 1.86%, to $14.77, and Briscoe gained 11c, or 2.67%, to $4.23.<\/p>\n

Chorus gained 21c, or 2.63%, to $8.19 after reporting a slight increase in fixed line connections to 1.192m at the end of September, with 5000 new fibre connections in the first quarter offset by 4000 copper disconnections. Fibre uptake across Chorus\u2019 network is 76.2%.<\/p>\n

Air NZ fell 1c, or 2.6%, to 37.5c; Third Age Health fell 13c, or 3%, to $4.20; Vista Group fell 8c, or 2.82%, to $2.76; and Synlait Milk fell 3.5c, or 6.36%, to 51.5c.<\/p>\n

Fonterra increased the midpoint<\/a> of its 2026-27 forecast farmgate milk price to $9.75 per kgMS, from $9.50, because demand for whole milk and skim milk powders improved as prices rose 5% and 7% respectively over the last Global Dairy Trade auctions. Fonterra Shareholders\u2019 Fund increased 16.3c or 1.85% c to $8.99.<\/p>\n

Barramundi, which invests in Australian shares, was unchanged at 45 after reporting first-quarter net profit of $4.5m at its annual meeting. The gross performance return for the first three months of the 2027 financial year was 3% compared with the benchmark index return of 1.3%.<\/p>\n

The investment fund recorded a net loss of $42.9m in the previous year.<\/p>\n

Private Land and Property Trust, down 0.002c to $1.16, said Booster Wine Group was giving up the leases for its three vineyards in Hawke\u2019s Bay and making a three-year surrender payment of $2.16m. Booster\u2019s restructuring follows a sustained reduction in demand for Hawke\u2019s Bay grapes.<\/p>\n

Move Logistics was up 0.004c or 2.27% to 18c following its annual meeting. Shareholders were told the warehousing division was on track to deliver improved performance, while freight was experiencing revenue growth but fell short of expectations because of lower demand in some areas and cost pressures.<\/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":"Precinct Properties, which developed Commercial Bay in lower Queen St, rose 7c, or 7.45%, to $1.01 after delaying…\n","protected":false},"author":2,"featured_media":645616,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[101015,41813,74,51,74185,651,29804,170,8532,4726,2082,700,225,111,43,139,9332,69,2989,56448,1356,1436,1125,203,105311,169044,223,61,810,686,379,80],"class_list":["post-645615","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-zealand","tag-101015","tag-41813","tag-after","tag-auckland","tag-billiondollar","tag-close","tag-date","tag-development","tag-ended","tag-ends","tag-for","tag-latest","tag-market","tag-new-zealand","tag-news","tag-newzealand","tag-note","tag-nz","tag-positive","tag-precinct","tag-properties","tag-rise","tag-sharemarket","tag-sharp","tag-shelving","tag-shortened","tag-the","tag-to","tag-up","tag-week","tag-year","tag-zealand"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/645615","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=645615"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/645615\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/645616"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=645615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=645615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=645615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}