The benchmark S&P/NZX50 index ended 73.52 points or 0.58% down at 12,686.68, with 23.5 milllion shares, worth $101.05m trading.
There were 70 rises and 65 falls on the main board.
On Wall Street, the S&P 500 and Nasdaq Composite both closed at all-time highs of 6,280.46 and 20,630.67, respectively. The Dow Jones Industrial Index gained 192 points, or 0.43%, to finish at 44,650.64.
Tariff impact
But after the US close, futures pricing suggested Wall Street’s strength could soon evaporate on the back of US President Donald Trump’s latest edicts on tariffs.
Trump said the US would impose a 35% tariff on Canada at the start of August and 15 to 20% on other countries, adding more uncertainty to the world trade scene.
Fisher & Paykel down
Leading stock Fisher & Paykel Healthcare dropped 58c or 1.6% to $35.62, which helped depress the NZX50 index.
“F&P Healthcare has clearly been a very strong performer over the last 12 months,” Harbour Asset Management senior portfolio manager Shane Solly said.
Solly said falls in the leading stocks reflected some unwinding of “momentum” trades among the leading stocks over the last year or so.
In the same camp were Auckland International Airport, down 4c to $7.47, Ebos down 20c to $40.18, Mainfreight (which went ex an 87c dividend) dropped $1.18 to $64.01, and Meridian down 11c to $5.76.
Ryman rallies
On the plus side, Ryman Healthcare rallied 11c to $2.50 despite reporting that total first-quarter sales were 11% below the same period last year, with resales (down 5%) performing better than new sales (down 28%).
Solly said the market had taken positively Ryman’s comment that 2026 financial year sales of occupation right agreements were tracking towards the upper end of its previously guided 1100-1300 range.
He said it was a “green shoots” moment for Ryman, the country’s biggest retirement village operator.
“It’s certainly been a very tough period for Ryman investors, but what we can see is the first hint that the new board, the new management team, and the new approach is starting to turn the super tanker around, but it will take some time.”
Rural revival
Elsewhere, a town-versus-country dynamic looked to be developing, with several companies with rural connections ending firmer.
Rural services group PGG Wrightson rose 14c or 6.9% to $2.17 after upgrading its earnings forecast.
The company now expects its operating earnings before interest, tax, depreciation and amortisation to be around $54m, up from a previous forecast of $51m, reflecting a stronger than expected performance across several of its businesses.
“The agricultural sector has rebounded and has built momentum as the financial year has progressed in contrast to some other parts of the economy,” chair Garry Moore said.
Apple exporter T&G Global rallied 11c or 6.15% to $1.90 after confirming that it had received “a large number” of expressions of interest in its business.
Napier Port – a key exit point for several leading exports – firmed 4c to $3.26 while its northern neighbour, Port of Tauranga, firmed 1c to $6.99.
Vulcan Steel, a key supplier for the agri sector, firmed 7c to $7.17.
Honey exporter Comvita gained 1.5c to 48c.
Solly said gains in the rural-connected stocks recognised the more robust, resilient nature of the New Zealand agriculture and horticulture sectors.
In the lead-up to the next reporting season, Solly said the market could be in for a few pre-result “confessions” from companies.
The first to report will be Vista Group (half year) on August 14.
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