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My Food Bag shares rebounded 10%, and other small stocks posted solid gains, but were overwhelmed by the higher value decline on Tuesday.
The benchmark S & P / NZX50 closed 0.8%, or 107.8 points, at 12,341.19, after slipping 0.09% on Monday.
Greg Main, director of wealth management at Jarden, said the main stock Fisher & Paykel Healthcare had pushed the market down with no particular news.
The medical device maker fell 4% to $ 32.63.
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“They are obviously heavyweights, and you also have a little more weakness in A2 Milk,†Main said.
“It has been volatile lately. Until there is clarity on China’s volumes and prices, I think this will continue to rebound. “
LAWRENCE SMITH / Tips
My Food Bag shares rebounded 10%, and other small stocks posted strong gains, but they were overwhelmed by the drop in larger stocks.
A2 Milk Company’s profits may decline further after one of its main sales channels in China is forecast to dry up due to the Covid-19 pandemic.
A2 Milk was down 1.7 percent to $ 5.76, and blue chip electric company Contact Energy fell 2 percent to $ 7.65. Meridian was stable at $ 5.15.
In contrast, the financial results of a number of small businesses have given their stocks a boost.
Turners Automotive rose 3.9% to $ 3.96 after a better-than-expected annual result, Main said.
“They gave really good feedback on their forecast for future earnings over the next few years and a dividend increase, so the market obviously likes a company that is doing better than they expected.
My Food Bag shares jumped 10% to $ 1.50, after declining after last week’s annual profit exceeded expectations.
“They had been a bit disappointed since the IPO, they were weaker after the result, but they bounced back pretty well today,†Main said.
“One of the concerns at the time was how many customers who came during the Covid lockdown would stay with the company, so I guess the company still gives good profit forecasts for next year and simply reassures investors that she can meet. its projections. “
NZ Refining jumped 7% to 60c after saying it reached an “in principle” deal with Z Energy on a deal that could see it shut down its Marsden Point oil refinery by the middle of next year and to switch to the importation of refined fuels.
Shares of retirement village operator Arvida Group rose 1.1% to $ 1.83 after reporting a record profit of $ 131 million due to the rise in the value of its properties over the course of a year affected by Covid-19.
Heavyweight Ryman Healthcare fell 2.1% to $ 12.87 after a profit result last week and the departure of general manager Gordon MacLeod once a replacement was found.
Across Tasmania, the Australian benchmark S & P / ASX200 rose 48.7 points, or 0.69 percent, to 7,094.60 by mid-afternoon.
Earlier on Wall Street, the benchmark S&P 500 rose 1 percent to 4,197.05, recouping about half of last week’s losses. The gains were led by technology stocks.
The index is now on track for a monthly gain of 0.4% as the last season of quarterly earnings reporting draws to a close.
The blue-chip Dow Jones Industrial Average added 0.5% to 34,393.98, and the high-tech Nasdaq Composite gained 1.4% to 13,661.17.
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