Tiwai still plagues power companies; property rises
The S&P/NZX50 50 Index declined 26.13 points, or 0.2 percent, to 10,761.69. Within the index, 29 stocks fell, 15 rose and six were unchanged. Turnover was $117.2 million
Vital Healthcare Property Trust led property stocks higher, lifting by 1.5 percent to $2.70, as 200,000 shares changed hands. Ryman Healthcare rose by 1.4 percent to $13.09 while Argosy Property lifted 1.5 percent to $2.70 and Precinct Properties New Zealand gained 1.4 percent to $1.85. Kiwi Property Group was unchanged at $1.59 having raised $180 million at $1.58 per share earlier this week.
“Property has been relatively robust and I suppose that’s the reliable income stream as most are paying a quarterly income,” Craigs Investment Partners advisor Chris Timms said, adding that retirement village operator Ryman benefited from a respite in the North Island property market especially.
“It has been reasonably quiet day considering Merdian has only traded about 1.5 million shares compared with 3 million over the last few days,” Timms said.
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