by BusinessDesk
The S&P/NZX 50 index increased 35.42 points, or 0.4 percent, to 9,344.63. Within the index, 30 stocks rose, 16 fell, and four were unchanged. Turnover was $136.8 million.
Earnings season continued, with Freightways up 1.2 percent at $7.90 after the courier and information management firm lifted first-half profit 6 percent. The company said the New Zealand and Australian markets remained positive, however, it was keeping close tabs on domestic economic activity for signs of a downturn.
Meanwhile, Chorus reported a 3.3 percent decline in underlying earnings as copper-line customers converted to fibre products on other local fibre companies. The network operator's targeting a return to earnings growth in the 2020 financial year. The shares increased 0.3 percent to $5.22.
Tom McBride, an investment adviser at Hamilton Hindin Greene, said the Freightways result was positive, while the Chorus earnings were "what you'd expect from an infrastructure company". Both companies traded on lighter than usual volumes of 131,000 and 190,000 shares respectively.
Metlifecare dropped 2.5 percent to $5.12 on twice its average volume after reporting a smaller gain in the value of its property portfolio, which led to a decline in first-half profit.
McBride said impairment charges on remediation work also weighed on the stock.
Rival retirement home operators Ryman Healthcare gained 3.2 percent at $11.34 and Summerset Group increased 0.5 percent to $6.36 on smaller volumes than usual.
Synlait led the market higher, up 4.1 percent at $10.75 on a volume of 227,000 shares, more than twice its 90-day average. Economists anticipate Fonterra Cooperative Group may hike the farmgate milk price for farmers this week after a string of increases at recent Global Dairy Trade auctions. A2 Milk, which hit a record last week, declined 0.3 percent to $14.55 on a volume of 820,000.
Fonterra Shareholders' Fund units fell 1.1 percent to $4.53, while Fonterra shares, which trade in a closed market, were also down 1.1 percent at $4.54.
Retailer Kathmandu Holdings rose 2.1 percent to $2.44 on a volume of 612,000, more than twice its average. Government data showed a bigger increase in retail spending through the December quarter than analysts had predicted.
Meridian Energy rose 2.3 percent to $3.795 on a volume of 2 million shares, while Genesis Energy was up 2.2 percent at $2.80, with just 282,000 shares traded.
Spark New Zealand was the most traded stock, with a volume of 11 million, compared to its 4.1 million 90-day average. The telecommunications company slipped 0.3 percent to $3.70.
Precinct Properties New Zealand was up 0.3 percent at $1.485 on a volume of 2.7 million, compared to its 787,000 three-monthly average. Of other companies trading on volumes of more than a million shares, Auckland International Airport rose 1.1 percent to $7.50, Fletcher Building increased 0.6 percent to $5.01, and Kiwi Property Group advanced 1.1 percent to $1.42.
Sky Network Television sank 7.5 percent to $1.48, a record low, on volume of 599,000 shares. The pay-TV operator reported a 20 percent slide in first-half profit last week. New Zealand Refining fell 4.2 percent to $2.08 on volume of 598,000 shares, more than three times its 184,000 average.
Outside the benchmark index, Delegat Group gained 1.6 percent to $9.65 after reporting record operating earnings. Seeka was up 2 percent at $4.69 on a 27 percent lift in annual profit.
TIL Logistics was unchanged at $1.45 after reporting weaker first-half earnings on higher fuel costs, rising wages, and increased road-user charges.
| « Air NZ and Auckland Airport lift market | After run of good results some companies disappoint » |
Special Offers
No comments yet
Sign In to add your comment
© Copyright 1997-2024 Tarawera Publishing Ltd. All Rights Reserved