The New Zealand share market took a moderate approach after the big rise last Friday as intrigue surrounded debt-laden Synlait Milk’s next moves, including a capital raise.

There were 79 gainers and 63 decliners over the whole market on volumes of 37.

79 million share transactions worth $181.

59 million.

**Ebos Group** dominated the trading with $38.

3 million worth of shares changing hands after rebounding from its MSCI Large Cap Index removal and gaining 95 cents or 2.

87 percent to $34.

**Synlait Milk** fell 4.

5 cents or 10.

23 percent to a new low of 39.

5 cents after telling the market its majority shareholder Bright Dairy is lending $130 million to repay bank debt in mid-July.

Synlait said it is unlikely to meet three current banking covenants and the banking syndicate is reviewing a package of proposed waivers.

Synlait now expects its full-year operating earnings (EBITDA) to be at the lower end of $45 million-$60 million, excluding a non-cash adjustment of $17 million.

Jeremy Sullivan, investment adviser with Hamilton Hindin Greene, said Synlait was carrying $500 million worth of debt and it will need to raise a lot of capital as quickly as possible.

Its retail bonds, due for repayment at the end of the year, were trading at 65 cents in the dollar and were presently worth $120 million instead of $180 million.

He said Bright Dairy was replacing the banking syndicate’s senior debt and this move needed Synlait shareholder approval.

“It will be interesting to see how one of their shareholders, a2 Milk, votes.

They may want to get their hands on the Dunsandel processing plant at the lowest possible price and vote against it.

”**Fonterra Shareholders’ Fund** gained a further 18 cents or 4.

5 percent to $4.

18 on the prospect that the dairy co-operative will gain farmer milk suppliers from Synlait.

The leading energy stocks settled back after the surge at the end of last week following the announcements of new 20-year supply agreements for the Tiwai Point aluminium smelter.

**Meridian** declined 21 cents or 3.

11 percent to $6.

55; **Mercury** was down 7 cents to $6.

61; and **Contact** decreased 14 cents to $9.

08.

Ratings agency S&P Global says the decision by New Zealand Aluminium Smelters to sign long-term electricity supply agreements is a boon for the country’s power generators, providing “solid and long-term demand visibility for the sector”.

**Fisher and Paykel Healthcare** was up 60 cents or 2.

03 percent to $30.

10; **Infratil** increased 37 cents or 3.

49 percent to $10.

97; **Skellerup** rebounded 17 cents or 4.

82 percent to $3.

70; **Tourism Holdings** gained 4 cents or 2.

14 percent to $1.

91; and **Seeka** added 11 cents or 4.

35 percent to $2.

64.

**Fletcher Building**, up 4 cents to $3.

15, has extended banking agreements with two lenders – a facility worth A$424.

5 million expiring in July 2027 and A$250 million ending in May 2029.

The new terms enable covenant testing through to the end of next year if required.

**Summerset Group** increased 35 cents or 3.

68 percent to $9.

85, and **Ryman** gained 7 cents or 1.

92 percent to $3.

71.

German investment group ACATIS Value Event Fonds disclosed it sold all its 5.

23 percent Ryman shareholding, amounting to 35.

96 million shares.

**Ventia Services** rose 19 cents or 4.

99 percent to $4; **KMD Brands** gained 1.

5 cents or 3.

53 percent to 44 cents; **NZME** added 2.

1 cents or 2.

38 percent to 86 cents; **T&G Global** was up 5 cents or 2.

94 percent to $1.

75; and **Radius Residential Care** increased 1.

2 cents or 9.

6 percent to 13.

7 cents.

**Scott Technology** was up 9 cents or 4.

07 percent to $2.

30 after announcing a new push into the North American market with its T300 safety bandsaw for in-store supermarket meat cutting and sales of its trusser to three large poultry processors.

Mark Host has been appointed vice-president sales – global protein.

**Auckland International Airport** gave up nearly all Friday’s gains, declining 22 cents or 2.

82 percent to $7.

58, **Spark** was down 12.

5 cents or 2.

99 percent to $4.

05; **Michael Hill** eased 2 cents or 4.

21 percent to 45.

5 cents; and **Eroad** decreased 3 cents or 2.

91 percent to $1.

**PGG Wrightson** was down a further 8 cents or 4.

91 percent to a new low of $1.

55; **Argosy Property** decreased 3.

5 cents or 3.

23 percent to $1.

05; and **Vital Healthcare Property Trust** declined 5 cents or 2.

6 percent to $1.

87.

**Move Logistics** was down 3.

5 cents or 10.

14 percent to a new low of 31 cents.

Move had earlier told the market its second-half operating earnings (EBITDA) were expected to be higher than the first six months.

Move is chartering a larger, more resilient vessel for its trans-Tasman shipping service which has gained “encouraging customer support”.