Here are the key things you need to know about in the NZX markets over the past 24 hours. Changes are as at 3:00 pm and may change when the market closes at 4:45 pm.
WHAT THE NZX50 IS DOING
The NZX50 is currently down -0.5% but is looking to end with a gain of +1.3% for the week. Over the last six months the index is up +6.9%, up +10.3% from this time last year.
THE MAIN GAINERS
There are only 29 gainers for the last day of trading this week. The biggest gain is by Argosy (ARG, #30) up +1.7%. The company will finish level this week also at +1.7% but for the month they have gained +12.3%. Warehouse Group (WHS, #45) is next up +1.6% today finishing off their strong week up +9.4%. Infratil (IFT, #4) is also up a slight +0.8%, followed by Spark (SPK, #7) up +0.3%.
THE MAIN DECLINERS
It has almost become a pattern this week watching the amount of decliners trump the gainers in the market. To end the week there are 56 companies with a decline. Summerset (SUM, #16) has the biggest decline down -3.4%, ending the week up +1.7%. Oceania Healthcare (OCA, #37) is down -2.4%. OCA will end the week down -1.2% and a monthly gain of +6.7%. Following closely is Tourism Holdings (THL, #42) down -2.3%. They also end the trading week with a gain, up +2.5%.
SMARTSHARES EFTs
| 1-day | 5-day | 6-month | YTD | 1Y | |
| NZ Top 50 ETF (FNZ) | -0.4% | +1.2% | +3.1% | +2.7% | +3.4% |
| NZ Top 10 ETF (TNZ) | -0.7% | +2.0% | +7.7% | +5.5% | +8.3% |
| S/P NZX50 ETF (NZG) | -0.5% | +1.2% | +5.9% | +5.9% | +7.2% |
| NZ Dividend ETF (DIV) | -0.3% | +1.6% | +1.7% | -1.8% | -0.9% |
THE KEY ANNOUNCEMENTS
The Takeovers Panel and NZ RegCo have both considered complaints from John Penno in relation to Synlait Milk's (SML) upcoming shareholders' meeting.
The Takeovers Panel agreed there was no reasonable possibility Bright Dairy Holding and the a2 Milk Company were or would be “associates” for the purposes of the Takeovers Code in relation to the proposed allotment of shares in Synlait Milk to Bright, due to be voted on at Synlait’s upcoming special shareholders’ meeting.
The Panel considered both a2 and Bright were acting in pursuit of their respective commercial interests, rather than as part of a coordinated strategy relating to control over voting rights. Given this, the Panel decided against calling a section 32 meeting under the Takeovers Act. Based on the information before it, the Panel said it won't take any further action in relation to this matter at this stage.
The RegCo decision is here.
The special shareholders’ meeting will go ahead as scheduled on Wednesday September 18 at 9.00am.
Fisher and Paykel Healthcare
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