At home, Briscoe Group was up 2c to $5.04 despite downgrading its full-year net profit guidance to more than $66m, from the previous $70m-$77m, because of slower-than-expected trading in the crucial Christmas trading quarter.

In the nine weeks ending December 29, group sales were up 0.42%, homeware gained 0.82% and sporting goods was down 0.2%. For the 48-week period, group sales were down 0.28%, homeware decreased 0.29% and sporting goods eased 0.26% compared with the previous corresponding period.

Briscoe said finishing the year at 99% of the previous record full-year sales will be a significant achievement and “we think that’s where we’ll be when our financial year ends on January 26”.

“While Christmas trading, particularly our Boxing Day promotions, improved compared to Black Friday, December trading was still under anticipated levels,” Briscoe said, believing the subdued trading will continue through January.

Managing director of Salt Funds Management, Matt Goodson, said: “If even the best of New Zealander retailers is finding it tough despite other signs of recovery in the economy, then the retail sector is still in a tough place.”

In retail, KMD Brands increased 2c or 4.76% to 44c; Michael Hill declined 2c or 3.13% to 62c; The Warehouse was down 1c to $1.01; and Hallenstein Glasson was unchanged at $8.33.

There were little moves among the leading stocks. Ebos Group was down 60c to $36.45; Westpac Bank declined 79c or 2.14% to $35.95; Infratil decreased 18c to $11.85; Chorus eased 9c to $8.65; Summerset shed 27c or 2.07% to $12.78; and Spark was down 5c or 1.71% to $2.88.

Fletcher Building was down 5c or 1.77% to $2.78; Marsden Maritime Holdings declined 7c or 2.11% to 32.5c; NZ King Salmon Investments shed 1c or 4.35% to 22c; and TradeWindow eased 0.005c or 2.38% to 20.5c.

Eroad fell 7c or 6.25% to $1.05; Fonterra Shareholders’ Fund was down 10c or 1.95% to $5.02; and Comvita declined 2c or 2.41% to 81c.

Skellerup Holdings was up 10c or 1.98% to $5.15; Delegat Group increased 13c or 2.68% to $4.98; and NZME added 2c or 1.89% to $1.08.

My Food Bag rose 2c or 9.76% to 22.5c; 2 Cheap Cars added 2c or 2.5% to 82c; Radius Residential Care increased 0.006c or 3.13% to 19.8c; Barramundi Fund gained 2c or 2.94% to 70c; and Marlin Global was up 2c or 2.15% to 95c.

Cancer diagnostic company Pacific Edge went into a trading halt to consider the long-awaited and crucial decision by Medicare consultant Novitas on continued reimbursement for the Cxbladder tests carried out in the United States. Pacific Edge last traded at 13.4c.

Pacific Edge expects to provide a market update before the opening on Monday. But it’s understood the determination does not favour Pacific Edge on receiving Medicare reimbursement for its bladder tests.

Goodson said the determination (on the Novitas website) reiterates that Novitas continues to have issues with the Pacific Edge tests and confirms its original finding that the tests should not be covered by Medicare.

“What Pacific Edge needs to do now is get into the American Urological Association’s standard of care guidelines. They have significant studies coming out, and we may see a reconsideration [of the determination].”

Solly said Pacific Edge needs to reset its business. It has $30m in cash and that gives the company some leeway.