The NZX fell as investors sold down Fisher & Paykel Healthcare on concern its growth may slow as vaccines bring the Covid-19 pandemic under control.
The medical equipment manufacturer said it will distribute $29 million in bonuses to staff after posting a record $524m full year profit after tax, up 82 per cent on the previous year. Shares in Fisher & Paykel Healthcare closed down 5 per cent at $29.79, recovering from the session low of $27.81.
LAWRENCE SMITH/Stuff The company has experienced worldwide demand for its breathing devices during the Covid-19 pandemic. “It’s been one of our best performing stocks during Covid, it’s had a great run. Covid boosted its sales significantly,” said Williamson. However, the lack of clarity around the company’s outlook and the lack of earnings guidance created a bit of uncertainty in investors’ minds, he said.
Speculative crypto trading poses a major headache for regulators, with most novice buyers dipping their toes into the markets without basic trading knowledge. According to Blockchain data analytics firm Glassnode, newer investors and short-term holders led the recent bout of crypto panic-selling, crystallising their losses after buying in at the top.
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The wild swings in bitcoin value are another reminder of crypto’s hyper-volatility. New Zealand regulators remain on alert as crypto becomes part of the mainstream investment conversation. But they are limited to giving broad guidance and warnings. The Reserve Bank has published a “buyer beware” warning in its past market analysis, but doesn’t treat cryptocurrencies as proper currencies. And while the Financial Markets Authority regulates businesses operating in the sector, such as Easy Crypto, it doesn’t have any oversight of trading.
Shares in The Warehouse closed down 4.3 per cent at $3.49, compared with the $3.26 each the Foodstuffs stake sold for, said Hamilton Hindin Greene director Grant Williamson. “It’s lost a bit of ground, that’s to be expected, it’s still trading above the bookbuild placement price.
RICKY WILSON/Stuff “The people that participated in that will be looking alright at this stage.” Shares in retirement village operator Ryman Healthcare were down 5.26 per cent at $13.15, their lowest point in eight months. On Friday the company reported a 60 per cent jump in annual profit to $423.1 million, with record sales in the second half of the year.