About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Friday, October 18th, 4:57PM
rss
The Markets

All quiet on NZ sharemarket ahead of earnings season

New Zealand shares gained in the run-up to corporate earnings season, with Contact Energy the first major company out of the blocks on Monday. Australian results have been mixed so far this week.

Friday, February 8th 2019, 8:47PM

by BusinessDesk

The S&P/NZX 50 index rose 43.1 points, or 0.5 percent, to 9,176.61. Within the index, 24 stocks gained, 20 fell, and six were unchanged. Turnover was $101 million, with eight companies clocking in volumes of more than a million shares.

Matt Goodson, managing director at Salt Funds Management, said Australia's reporting season had been mixed so far, but that it really gets underway on both sides of the Tasman next week.

"It's been reasonably quiet here this week," he said.

Contact Energy is expected to post a record first-half result on Monday by Forsyth Barr analyst Andrew Harvey-Green, driven by strong hydro generation and high wholesale electricity prices. The shares rose for a third day, up 1.1 percent at $6.22 today, the highest close since February 2015. Its volume was lighter than usual at 735,000.

The Reserve Bank of Australia this week opened the door to cutting interest rates, while weaker-than-expected local labour market data encouraged traders to price in a greater chance of a reduction in New Zealand as well. The prospect of lower interest rates helped boost Australasian equity markets on Thursday.

The local market was one of the few to gain today across Asia-Pacific after a weaker lead from Wall Street. Utilities were a favourite among investors given their defensive qualities. Auckland International Airport rose 2.3 percent to $7.54 on a volume of one million shares, slightly less than its three-month average volume of 1.1 million.

Goodson said Auckland Airport may come under pressure if Air New Zealand's warning of a slowdown in forward bookings spilled over to the airport operator, and also noted that its regulated pricing is under scrutiny. Air New Zealand fell 0.7 percent to $2.78 on a volume of 1.2 million shares.

Ryman Healthcare led the market higher, up 3.9 percent at $11.02 on lighter than usual volume of 459,000. Goodson said the stock has been volatile in recent weeks.

Infrastructure investor Infratil gained 2.1 percent at $3.91, the highest close since the company undertook a two-for-one share split in 2007.

Gentrack rose 1.1 percent to $5.11 on small volumes after signing a new contract with a UK water retailer. 

Spark New Zealand was the most traded stock, with 3.6 million shares changing hands. The shares rose 0.5 percent to $4.05. Precinct Properties New Zealand fell 0.3 percent to $1.515 on a volume of 1.5 million shares, twice its average volume. Sky Network Television increased 0.5 percent to $1.93 on a volume of 1.4 million, compared to a 497,000 90-day average.

Of other companies trading on volumes of more than a million shares, Kiwi Property Group rose 0.7 percent to $1.435, Meridian Energy was unchanged at $3.65 and Fletcher Building was unchanged at $5.04.

Pushpay Holdings fell 2.9 percent to $3.34 on a volume of 391,000, in line with its 90-day average. The payments software developer reported a 35 percent increase in third-quarter sales yesterday, however, Goodson said the revenue per user was a little short of expectations.

"It's always the way with high-growth, glamour-type companies: if they beat expectations there is no price is too high and if they're just a touch soft people tend to run quite quickly," he said.

Tourism Holdings fell 2.3 percent to $4.69 on lighter than average volumes. NZX was down 2 percent at 97 cents on a volume of 200,000, more than its 129,000 average.

Tags: Market Close

« NZ shares gain as prospect of rate cut stokes demand for yield stocksContact kicks off earnings season on a bright note »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

AM Update - Your morning business news update

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 ▼4.05 ▼3.95 4.49
ANZ Special - ▼3.55 ▼3.45 3.99
ASB Bank 5.20 ▼4.05 ▼3.95 4.39
ASB Bank Special - ▼3.55 ▼3.45 3.89
BNZ - Classic - ▼3.55 ▼3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
Housing NZ Corp 5.19 4.15 4.09 4.39
HSBC Premier 5.24 3.35 3.35 3.35
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kiwibank 5.80 4.30 4.24 4.74
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.49 3.99
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.69 4.79 -
Resimac 4.50 4.86 3.89 3.94
Lender Flt 1yr 2yr 3yr
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.65 3.59 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.49 4.39 4.85
TSB Special 5.29 3.69 3.59 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.34 - - -
Westpac Special - ▼3.55 ▼3.45 3.99
Median 5.34 4.05 3.95 4.05

Last updated: 18 October 2019 9:00am

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com