New Zealand Shares Rebound Despite Retail Sales Slide; Fisher & Paykel Healthcare Surges 10% on Upgraded Outlook

MT Newswires Live08-23

New Zealand shares ended the week on a positive note as shares rebounded on Friday despite a decline in retail sales for the June quarter.

The NS&P/NZX 50 Index rose 0.49% or 60.64 points to close at 12,529.99.

Government agency Stats NZ reported that New Zealand's seasonally adjusted retail sales volume declined 1.2% to NZ$24.5 billion in the three months ended June compared with the previous quarter. This followed a 0.4% increase in the March quarter.

The decline was less severe than analysts had anticipated, as reported by interest.co.nz, which helped to buoy market sentiment despite the dip.

In a separate report, Stats NZ said regional greenhouse gas emissions in New Zealand declined by 1.8%, or 1,440 kilotonnes, to 76,809 kilotonnes of carbon dioxide equivalents between 2022 and 2023.

In corporate news, shares of Fisher & Paykel Healthcare (NZE:FPH, ASX:FPH, which manufactures respiratory care, sleep apnea, and surgery products, rose 10% at market close after upgrading its guidance for the fiscal year 2025. The company expects expects operating revenue of NZ$1.9 billion to NZ$2 billion and net profit after tax of NZ$320 million to NZ$370 million.

Elsewhere, New Zealand's Commerce Commission found that Fletcher Building (NZE:FBU, ASX:FBU) subsidiary Winstone Wallboards breached the Commerce Act after an investigation into Winstone Wallboards' use of volume rebates. Shares of the building materials firm declined 9% at market close.

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