Property Stocks Surge on NZX Index

Highlights:

• Property Sector Gains: The NZX property sector increased by 1.5%, with notable rises for Argosy, Property for Industry, Vital Healthcare Trust, and Goodman Trust.
• Precinct Properties’ Developments: Precinct Properties announced two new Auckland building projects, boosting its share price to NZ$1.17.
• Mixed Performances: Fletcher Building hit a 21-year low, while Fisher and Paykel Healthcare and Auckland International Airport saw significant gains.

Property Sector Boost

On the NZX index, the property sector saw a 1.5% increase. Leading the charge, Argosy climbed 3c, or 2.86%, to NZ$1.08. Property for Industry rose 5c, or 2.38%, to NZ$2.15. Vital Healthcare Trust increased by 4.4c, or 2.41%, reaching NZ$1.898, while Goodman Trust added 4c, or 1.86%, to settle at NZ$2.19.

Precinct Properties’ New Projects

Precinct Properties gained 0.005c to reach NZ$1.17 after revealing two new building projects in Auckland at its Investor Day. The company purchased 265 Queen St for NZ$9 million and plans to construct up to 500 studio units for student accommodation, starting in the second quarter of next year.

Additionally, Precinct Properties has a conditional agreement to acquire a 5250-square-metre site connecting Dominion Rd and Valley Rd in Mt Eden for NZ$13.25 million. This site will be developed into high-density apartments in partnership with Eke Panuku Development, beginning mid-next year.

Fletcher Building Hits 21-Year Low

Fletcher Building dropped 11c, or 3.49%, to a 21-year low of NZ$3.04 after Moody’s Ratings downgraded its credit rating from Baa2 to Baa3 with a negative outlook. Fletcher Building stated that the revised rating does not materially impact the company’s near-term funding costs.

Healthcare and Other Gains

Fisher and Paykel Healthcare surged NZ$1.15, or 3.82%, to a two-year high of NZ$31.25. Auckland International Airport increased by 29c, or 3.83%, to NZ$7.87. Spark recovered 5c to NZ$4.10, Skellerup rose 9c, or 2.43%, to NZ$3.79, and Infratil added 23c, or 2.12%, to reach NZ$11.07 after going ex-dividend.

Energy Sector Movements

In the energy sector, Mercury advanced 17c, or 2.57%, to NZ$6.78. Contact Energy rose 10c to NZ$9.18, Manawa gained 8c, or 1.87%, to NZ$4.35, Vector added 6c to NZ$3.79, but Meridian dropped 7c to NZ$6.48.

Mixed Results Across Sectors

Ebos Group declined by 29c to NZ$33.71, Mainfreight shed NZ$1.47, or 2.1%, to NZ$68.37, and Summerset Group fell 30c, or 3.05%, to NZ$9.55. Oceania Healthcare decreased by 2c, or 3.64%, to 53c, and Seeka dropped 11c, or 4.17%, to NZ$2.53.

SkyCity fell 4c, or 2.26%, to NZ$1.73, Tourism Holdings eased 4c, or 2.09%, to NZ$1.87, T&G Global declined 5c, or 2.86%, to NZ$1.70, Foley Wines decreased 2c, or 2.22%, to 88c, and Millennium & Copthorne Hotels NZ dropped 10c, or 5.18%, to NZ$1.83.

Burger Fuel, up 0.01c to 35c, returned NZ$4.077 million capital to shareholders, with 30% of shares held by each shareholder being canceled.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com