The S&P/NZX 50 Index closed down 0.96% or 129.81 points at 13,432.20 after 39.3 million shares worth $144m were traded.
The S&P/NZX 20 index was down 1.03%, closing at 7,674.25 points, while the S&P/NZX 10 index ended the day at 12,801.98 after falling 1.11%.
There were 46 gainers on the main board and 96 decliners.
Negatives tip positives
Salt Funds managing director Matt Goodson agreed that despite some positive half-year results, the market was dragged down by other players.
“The flurry of investor days has probably left the question with investors of, it’s great you’ve got all of these generational investment plans, but what are the returns on them, and the companies have been a lot quieter on what those returns are,” Goodson said.
“I think that is the concern that is nagging at investors.”
Ryman okay
Ryman Healthcare reported its half-year result to Sept 30, 2025, reporting a $45.1m loss after lower revaluations.
Goodson said it was an okay result, and, while the company is doing what it aimed to do, resale numbers were pretty weak.
“I think investors are trying to look through the current difficulties for the retirement village sector and hoping for a better housing market next year, which frees up resales so that people can sell their own home and move into these retirement villages.”
Ryman’s share price lifted 2.10% or 6c to $2.92 after 1.1m shares changed hands, with turnover of $3.3m.
Tower solid
Elsewhere, Tower Insurance reported its half-year result, with its net profit for the year to September 30 rising to $83.7m.
Goodson said it was a solid underlying result, with strong growth in premium numbers. He said premium rates had clearly spiked in the insurance cycle, which is good news for households.
Tower’s share price lifted 1.30% or 2c to $1.94.
Energy pressure down
Despite the positive movements, the majority of large listers brought the share market down, particularly the gentailers.
Meridian Energy fell 1.90% or 11c to $5.67, Contact Energy fell 1.53% or 15c to $9.63, and Genesis Energy fell 1.22% or 3c to $2.43.
Fisher and Paykel Healthcare gave back some of the gains it made following its half-year result yesterday, with its share price falling 1.69% or 65c to $37.75 on turnover worth $16.7m.
Fletcher Building continued its downward streak, falling 1.20% or 4c to $3.28 after 2.3m shares changed hands, with turnover of $7.7m.
Meanwhile, Ebos Group dropped 2.27% or 65c to $27.95 on turnover worth $19.2m.
World view
Global stocks mostly rose on Wednesday, with Wall Street equities gaining on hopes of lower interest rates, while the British pound advanced on the government’s unveiling of a new budget.
US equities rose for a third straight day as momentum builds following comments in recent days from Federal Reserve officials signalling another potential interest rate cut next month.
All three major US indices climbed again, led by the tech-rich Nasdaq, which rose 0.8%.
In Europe, London stocks advanced, and the pound pushed higher as the centre-left Labour government delivered a tax-raising Budget aimed at curbing debt and funding public services.
The yield on UK 10-year government bonds dipped, a sign that investors retained confidence in Finance Minister Rachel Reeves having control over public finances.
– Additional reporting AFP
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