MARKET WRAP: NZ shares fall, Pushpay disappoints

New Zealand shares fell today, with Pushpay failing to convince investors with new revenue guidance and TradeMe shares falling on lower property listings.

The S&P/NZ50 Index dropped 16.05 points, or 0.19%, to 8453. Turnover was light with $121 million worth of shares traded.

TradeMe Property's latest Price Index saw the company's shares fall 12c to $4.32.

The index shows the asking price for a house in the regions outside Auckland, Wellington and Christchurch has reached half a million dollars for the first time, growing 6.8% in the last year to $502,950.

TradeMe says buyer demand is cooling off and average views on the site's listings are down.

Pushpay Holdings may have met its full-year revenue guidance, but today’s 14c drop to $4.13 indicated investors were looking for more despite the company saying it will break even on monthly cashflow by the end of the year.

The company says it doubled total revenue to $US70 million in the year to March 31 and met a target of $3 billion in annualised processing volume, a 69% increase over the year.

It expects revenue of $US20.5-22m for the quarter ending June 30, a 52% increase on the previous corresponding period.

Synlait Milk was the star performer, up 20c to $8.95 today. “Investors continue to lap up the infant milk story, particularly with Synlait,” Fat Prophets head of research Greg Smith says.

On the downside, Fletcher Building continued its bad run, down 1.8% to $5.90. Sky TV fell 2.9% to $2.37 and F&P Healthcare slipped 2% to $13.10.

Mr Smith says New Zealand markets are still vulnerable to international sentiment, especially when it comes to the US and China’s verbal and potentially real trade war.

“Anything can happen, it seems like quite a dangerous game of cat and mouse at the moment.”

Top 5 gainers of the day

Smartpay Holdings $0.210. Up $0.030 / 16.67%

Smiths City Group $0.550. Up $0.040 / 7.84%

Evolve Education Group $0.520. Up $0.035 / 7.22%

NZ King Salmon $2.300. Up $0.070 / 3.14%

IkeGPS Group $0.500. Up $0.015 / 3.09%

Top 5 losers of the day

SeaDragon $0.004. Down $-0.001 / -20.00%

GeOP $0.126. Down $-0.005 / -3.82%

Pushpay Holdings $4.140. Down $-0.130 / -3.04%

SkyTV $2.370. Down $-0.070 / -2.87%

Orion Health Group $0.730. Down $-0.020 / -2.67%