F&P Healthcare drags index lower
The S&P/NZX 50 Index fell 63.88 points, or 0.5%, to 12,848.31. Within the index, 21 stocks fell, 20 rose and 9 were unchanged.
Just three days ago, Fisher & Paykel Healthcare was trading at $36.45 – a year-to-date record and just fractionally below its all-time high – now it is 5% below that highwater mark at $34.55, after a 2.8% drop today.
Yesterday, the healthcare exporter set a date, May 27, to announce its financial results for the year ended March. Investors are expecting to see its hospital respiratory division continue to perform well with covid still running rampant.
Other parts of the business, such as sleep apnoea and homecare products, have been negatively affected by the pandemic. Analysts have mixed views on whether the company’s huge success during the pandemic will translate to a significant long-term earnings increase.
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