Across the mainboard, 26.8 million shares worth $92.3m changed hands. The S&P/NZX 50 index fell 0.6% to 12,678.69 points, continuing steady losses since the Reserve Bank of New Zealand (RBNZ) held the official cash rate (OCR) at 3.25% on Wednesday last week.
Craigs Investment Partners' senior research analyst, Mohandeep Singh, said property stocks had continued their strong performance during a quiet day on the exchange.
“Everyone's loving the yield names today; they seem to be the best performers of the day.”
Kiwi Property Group led the way, rising 1.04% to $0.97, with Goodman Property not far behind, up 0.98% to $2.07.
Singh also highlighted Briscoe Group, which gained 2.65% to $5.81.
“I think that's just a bit of volatility since it's been added into the NZX 50 recently,” Singh said.
Gentrack was among the day’s largest decliners, down 4.23% to $12 on volumes exceeding $1.7m in value traded.
Ahead of close, Singh said there were “two big trades that equate for about 95% of the volume”.
Tech small caps
IkeGPS Group shares lifted 8.6% to $1.01 after it announced it had successfully raised about A$18m (NZ$19.6m) through a fully underwritten share placement.
The software company said its offer was strongly supported by existing investors and attracted several new long-term institutional investors from the ASX.
The firm is trading at 52-week highs and is up above $1 for the first time since 2021.
Black Pearl Group shares were up 7.08% to $1.21 after it said it had agreed to buy 100% of United States-based AI sales company B2B Rocket Inc.
B2B Rocket uses AI agents to automate outbound sales for small and mid-sized businesses. It generates about US$2.1m (NZ$3.4m) in annual recurring revenue and is growing quickly in the US market.
Chief executive Nick Lissette called the acquisition a “classic 1 + 1 = 3".
In October last year, Black Pearl tapped investors for $10m to fund further expansion in the US. Like IkeGPS, the stock is up over 100% year-on-year.
Elsewhere
In a Forsyth Barr investor note, analysts Aaron Ibbotson and Benjamin Crozier raised their Ryman Healthcare target price by 20 cents to $2.85 because of earnings upgrades released late last week.
Ibbotson and Crozier said forward-looking sales have improved to about 90% of their two-year average, up from 75% last quarter.
“One swallow does not make a summer, but we view this as an important step in de-risking the investment case.”
The exchanges' other two retirement operators, Summerset Group and Oceania Healthcare, were up 0.77% to $11.72 and down 1.32% to 75c, respectively.
Singh said the industry will be watching the Real Estate Institute of NZ's (REINZ) data release on Tuesday, which will help the market see whether Ryman is a stand-out or part of a wider trend.
He added that the index’s largest constituent, Fisher & Paykel Healthcare, was yet to be visibly affected by US President Donald Trump’s renewed tariffs on Mexico, where the firm manufactures much of its products.
The stock lifted 0.79% to $35.90 on volumes worth nearly $6m.
"FPH did not move much today, despite that, because at the moment, the products that they ship out of Mexico are still exempt under a free trade agreement," he said.
"This kind of builds on that expectation that at some point there could be a hit in terms of the Mexican production that FPH has."
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