Investors sat down and watched the next international developments as the New Zealand stock market traded flat after three volatile days.

Wall Street plunged again overnight, but the S & P / NZX 50
The index remained stable, closing 5.38 points or 0.04% at 12,724.29, after hitting a morning low of 12,643.78.

There were 54 winners and 71 losers across the market in 46 million stock trading volume valued at $ 196.92 million.

Mark Lister, head of private wealth research at Craigs Investment Partners, said the market was just as interested in the comments from Federal Reserve Chairman Jerome Powell as they were in the latest impact of the new omicron Covid variant.

“Powell is finally realizing, and so should, that inflation is not as temporary as the Fed thought and that it may need to act faster to remove the economic stimulus. This opens the door. to an interest rate hike in the US earlier next year – and that put the markets on their backs, ”Lister said.

Moderna said he expected existing vaccines to be less effective against Omicron. The Dow Jones Industrial Average fell over 650 points or 1.86% to 34,483.72, the S&P 500 fell 1.9% to 4,567, and the Nasdaq Composite fell 1.55% to 15,537 , 69.

As the local market has incorporated the official spot rate hikes, interest rate sensitive stocks are finding new support.

“Some defensive (dividend) yielding stocks, particularly energy and real estate, have sold more than they deserve in recent months. They have become reasonable value and are still of interest to investors,” he said. declared Lister.

Contact was up 10c to $ 7.95; Vector increased by 14c or 3.63 percent to $ 4; Genesis collected 8c or 2.74 percent at $ 3; Power of trust won 13c to $ 7.43; and Goodman Real Estate Trust increased 4.4c or 18 percent to $ 2.495.

Property for industry won 2c to $ 2.80 after announcing to the market that he had settled the transfer of the Carlaw Park mixed-use property in Auckland.

Other income securities Chorus was up 7c to $ 6.76; corn Spark was down 10c or 2.17 percent to $ 4.50 after gaining 5.63 percent the day before.

Market leader Fisher and Paykel paid 38c to $ 32.95; and a2 Milk slipped below $ 6, falling 14c or 2.29% to $ 5.97.

CHA fell 8c or 7.21 percent to $ 1.03; DGL Group fell 14c or 5.47 percent to $ 2.42; Gentrack was down 8c or 4.23 percent to $ 1.81.

The big banks have been soft again, ANZ Banking Group drop 59c or 2.08 percent to $ 27.76, and Westpac banking company down 45c or 2.04 percent to $ 21.60. Corn Heartland Holdings Group was up 7c or 3.17 percent to $ 2.28.

Infratile increased 22c or 2.8 percent to $ 8.09; Briscoe Group was up 11c to $ 6.75; Restaurant brands earned 60c or 4.12 percent to $ 15.15; Port of Tauranga collected 16c or 2.39 percent at $ 6.86; and Port of Napier increased by 7c or 2.28 percent to $ 3.14.

Retirement village operators Arvida was up 5c or 2.59% to $ 1.98, and Oceania Health won 4c or 3.05 percent to $ 1.35. Millennium & Copthorne Hotels New Zealand collected 5c or 2.17 percent to $ 2.35.

Milk Synlait rebounded 17c or 5.31% to $ 3.37 after telling shareholders at its annual meeting that it plans to return to robust profitability in fiscal 2022.

NZME was up 3c or 2.13 percent to $ 1.44, after being at 87c on August 20. New registration TradeWindow won 8c or 4.71 percent to $ 1.78.

Agreement group appointed Simon Bennett as president, replacing Ross Keenan, and his stock price rose 5 cents or 2.78 percent to $ 1.85.

The Carbon Fund, managed by Salt Funds Management, fell 4c or 1.89% to $ 2.08 following the latest New Zealand Emissions Trading Scheme auction which has saw carbon sell for a record $ 68 per unit.

EROAD finalized the purchase of Coretex, with full integration in 12-18 months, and the EROAD share price remained unchanged at $ 4.99.

ArborGen Holdings, down 1.5c or 5.88% to 24c, completed the sale of its New Zealand and Australia seedling businesses to ArborGen ANZ Partnership for $ 22.25 million.

Medicinal cannabis companies Cannasouth and Rua Biosciences decreased from 0.005c and 1c to 37c and 39c respectively. Cannasouth is buying the remaining 50% of its joint venture partner Cannasouth Cultivation for $ 3.54 million.

Rua Bioscience purchases Zalm Therapeutics, which has Australia’s largest publicly traded medical cannabis company, Cann Group, as a key shareholder and partner. The purchase is made by issuing $ 10 million in new Rua shares at 41c per share.