tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Saturday, July 2nd, 1:15PM

Investments

rss
The Markets

NZ shares slide into the weekend

New Zealand’s benchmark equity index fell marginally on Friday, bringing the full week decline to roughly 1.8%.

Friday, May 27th 2022, 7:31PM

by BusinessDesk

New Zealand’s benchmark equity index fell marginally on Friday, bringing the full week decline to roughly 1.8%.

The S&P/NZX 50 Index fell 38 points, or 0.3%, to 11,065.15. Turnover was $112.1 million.

Fleet management company Eroad led the decline for a second day, falling 7.4% to $2.52 as investors continued to react to the company underperforming expectations in its full year result.

Jarden analyst Guy Hooper lowered his target price by 70c, bringing it down to $3 with a ‘neutral’ rating.

The established and profitable NZ business should protect much of the stock’s value, he said, but the opportunity in the US might be limited by poor delivery and more difficult economic conditions.

Chemical logistics company DGL Group dropped 4.4% to $3.06 after it announced it would abandon its dual listing and be listed only on the ASX.

The move has been interpreted as a reaction to the criticism the company’s chief executive received for making disparaging comments about My Food Bag co-founder Nadia Lim.

Ryman Healthcare declined 2.4% to $10.10 and Pushpay fell 2% to $1.44, but has been trending upwards in recent days.

Plexure Group jumped 11.4% to 24.5 cents after it announced it would provide full year earnings results and host an analyst call on Monday.     

Fellow technology stock Vista Group International rose 6.2% to $1.54 after it told shareholders it had achieved $100m in annual recurring revenue this quarter.

Mainfreight declined 0.6% to $75.51 despite equity analysts giving glowing reviews of the logistic company’s full year results.

Forsyth Barr said the result was “exceptional” and raised its target price to $82, while Jarden said it was “a strong end” to the 2022 financial year with earnings ahead of its forecasts.

Shares in Pacific Edge were unchanged at 77 cents today with analysts less happy about its result.

Jarden’s Christian Bell said the “soft result” had prompted him to cut revenue estimates from $22m to $17m in 2023, and from $40m to $26m in 2024.

Fisher & Paykel Healthcare slid 0.3% to $19.50. Forsyth Barr analysts said the company’s forward guidance was “opaque”. The business is well positioned for long-term earnings growth, but the stock was already expensive relative to comparable companies.

The NZ dollar was trading at 65.04 US cents at 3pm in Wellington, up from 64.70 cents yesterday. The trade weighted index was at 72.34 from 72.12.

Tags: Market Close

« NZ shares fall as earnings disappointa2 Milk drives NZ shares higher »

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
  • OBITUARY: Controversial adviser dies at 80
    “I knew Roger from back in our IAFP days, Roger as head of his company (a competitor to my own) and as a friend. Even after...”
    2 days ago by Winka
  • Conduct laws finally real
    “The draft FSLAA legislation was developed in the final months of the last National Government. CoFI was a natural extension...”
    2 days ago by dcwhyte
  • New Code Committee members finally revealed
    “About as much relevance as having Gordon Ramsay on the Code Committee....”
    2 days ago by Eyeinthesky
  • Conduct laws finally real
    “John just interested as to when National bankrupted the country, maybe before my time?? ...”
    2 days ago by Barbie
  • Conduct laws finally real
    “I'm not normally a Labour supporter Amused. But let's not forget, as far as I am aware, National are still the only party...”
    3 days ago by John Milner
Subscribe Now

AM Update - Your morning business news update

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 5.95 4.85 5.35 5.65
ANZ 5.94 5.95 6.40 6.59
ANZ Blueprint to Build - - - -
ANZ Special - 5.35 5.80 5.99
ASB Bank 5.85 5.35 5.80 5.99
Avanti Finance 5.95 - - -
Basecorp Finance 6.95 - - -
Bluestone 5.89 7.49 8.09 8.19
BNZ - Classic - 5.35 5.69 5.99
BNZ - Mortgage One 5.94 - - -
BNZ - Rapid Repay 5.94 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 5.94 5.95 6.29 6.59
BNZ - TotalMoney 5.94 - - -
CFML Loans 6.45 - - -
China Construction Bank 5.50 5.40 6.14 6.40
China Construction Bank Special - 4.45 5.19 5.45
Co-operative Bank - First Home Special - 4.75 - -
Co-operative Bank - Owner Occ 5.85 4.85 5.35 5.65
Co-operative Bank - Standard 5.85 5.35 5.85 6.15
Credit Union Auckland 5.95 - - -
First Credit Union Special 5.85 ▲5.35 ▲5.85 -
Heartland Bank - Online 4.10 ▲4.90 ▲5.29 ▲5.59
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 6.10 ▲5.35 ▲5.80 -
HSBC Premier 5.89 4.39 5.15 5.39
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.25 4.39 5.09 5.45
Kainga Ora 5.43 4.57 5.58 5.85
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 5.50 ▲6.19 ▲6.69 ▲6.79
Kiwibank - Offset 5.50 - - -
Kiwibank Special 5.00 ▲5.19 ▲5.69 ▲5.89
Liberty 4.84 - - -
Lender Flt 1yr 2yr 3yr
Nelson Building Society 6.45 5.55 6.15 -
Pepper Money 4.49 - - -
Resimac 6.19 5.60 6.16 6.29
SBS Bank 5.79 ▲5.65 ▲6.09 ▲6.19
SBS Bank Special - ▲5.15 ▲5.59 ▲5.69
Select Home Loans 4.09 4.29 4.86 5.09
TSB Bank ▲6.30 ▲5.65 5.79 ▲6.45
TSB Special ▲5.50 ▲4.85 4.99 ▲5.65
Unity 5.65 4.95 5.55 -
Wairarapa Building Society 5.74 4.95 5.75 -
Westpac 5.94 5.95 6.29 6.59
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.94 - - -
Westpac Special - 5.35 5.69 5.99
Median 5.87 5.35 5.77 5.99

Last updated: 1 July 2022 9:33am

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