Salt Funds Management managing director Matt Goodson said the market felt heavy to end the week.
“There were a couple of results out today, but not that hugely relevant to the market,” Goodson said.
“It’s more just movements and other names that I think have taken the limelight.”
Fonterra shifted the midpoint of its 2025-26 farmgate milk price forecast back to $9.50 per kg of milksolids from $9.00/kg after recent improvements in commodity prices.
The co-op also advised the market of its plan to pay a special dividend from the sale of its Mainland business, in a range of 14-18c a share.
Units in the Fonterra Shareholders’ Fund lifted 1.89% or 15c to $8.18 with 254,228 shares trading, worth $2m.
Elsewhere, Ebos Group fell ahead of its result out next week. Its shares were down 4.01% or $1.02 to $24.40 after trading worth $5.8m.
Goodson said Ebos had been very heavy since its guidance warning several months ago.
“Every time it tries to poke its nose up, it seems to go back down again.”
Auckland International Airport continued its upward trend following its positive result on Thursday, with its share price lifting 1.72% or 15c to $8.88 after 3.6 million shares changed hands on turnover worth $32.2m.
Goodson suggested it could be one aggressive buyer chasing the stock after the result.
Vector also reported its half-year results, with its net profit dropping by 4% to $113m.
The company also announced plans to spend half a billion dollars in capex this financial year to June 30.
Vector’s share price fell 2.03% or 10c to $4.83.
Fletcher Building, meanwhile, continued on its downward trend, falling 2.75% or 10c to $3.53.
A2 Milk followed suit, dropping 2.62% or 30c to $11.17 after 1 million shares worth $11.1m were traded.
As earning season rolls on, Goodson advised keeping an eye out for the results of Ebos Group, Heartland, NZME and Summerset Group.
International news
Oil prices rose to multi-month highs, while global stocks mostly retreated as markets weighed sharpening rhetoric from US President Donald Trump on Iran, suggesting a military strike was more likely.
Brent oil futures finished up nearly 2% at US$71.66 ($120.52) a barrel after earlier reaching its highest level since July.
Worries about Iran also dogged Wall Street, where major indices struggled in the red throughout the day.
The Dow ended the session down 0.5% at 49,395.16, the S&P 500 closed down 0.3% at 6861.89, and the tech-rich Nasdaq closed down 0.3% at 22,682.73.
– Additional reporting AFP
Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.
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