He said the US consumer price index had been weaker than the market expected.
“The tariff increases have not really flown through to end pricing yet. Will they? That’s the question the market’s asking,” he said.
“As long as there’s not a sort of massive downgrade cycle, I think Wall Street continues to just truck along.”
The NZX
The New Zealand benchmark’s largest constituent, Fisher & Paykel Healthcare, ended 3.8% higher at $37.42 on market-leading volumes.
Robertshawe said a broker reported the company was releasing a new mask, although he was not sure if that was the catalyst for the stock’s movement.
“They’re continuing with their development cadence. Other than that, I can’t explain the size of that move.”
Skellerup Holdings and Fletcher Building were also up, increasing 5.1% to $4.95 and 3.46% to $2.99, respectively.
The Warehouse Group gained early despite downgrading earnings guidance but ended the day flat at 80c.
The retailer said it expected full-year earnings before interest and tax (ebit) to range between a $5m loss and a $5m profit for the 53 weeks ending August 3.
That compares with previous earnings expectations of about a $5.5m profit, which was most recently provided in early May.
“There’s no one left to sell that stock,” Robertshawe said. “I don’t think there’s any reason for the move. People probably expected a downgrade. Maybe it wasn’t as bad as people thought.”
Robertshawe also highlighted SkyCity, which lost 5.32% to 89c, saying the stock’s been hit by weak consumer spending that is hurting foot traffic.
“It rallied into the month end and then it’s given it all back,” he said.
Small-cap stocks
Comvita sank 2.08% to 47c after the honey firm signalled it had agreed to revised covenants with its banking syndicate for the remainder of the calendar year.
Robertshawe said the update was a signal the firm “clearly has financial problems with low earnings and high debt”.
“They’ve got a very strong brand, but it’s not a great time to be trying to accelerate sales.”
Metro Performance Glass told the exchange it was looking to raise at least $15m from new and existing investors.
The glass manufacturer said it completed binding agreements with Amari Metals Australia, executive director Simon Bennett, and other wholesale investors.
The capital raise, priced at 3c per share, may total up to $24m, depending on oversubscription.
Shares closed the day 5.88% lower at 4.8c.
