by BusinessDesk
The S&P/NZX 50 Index rose 87 points, or 0.77%, to 11,395.35. Turnover on the main board was $176 million.
In its August trading update, Fisher & Paykel told the market to expect revenue to be $670m due to many of its customers already being stocked up on hospital products but today reported revenue of $690m.
Devon Funds head of retail Greg Smith said Fisher & Paykel’s revenue increase had been small but because the market’s expectation had been “muted” heading into the result, the modest increase was happily received.
“Obviously the revenue and earnings have fallen significantly, but they've held it better than expected,” he told BusinessDesk.
“The stock had a bit of a rally but facing facts, it's still only back around the levels that it was in January 2020.”
The stock jumped 5% when it opened and was up 13.5% after midday, when the Australian market opened, and ended the day up 10.1% to $22.81 – up $2.10 from yesterday afternoon.
Software developer Gentrack also had a dramatic lift, rising to 18% around midday and settling at 18.3% to $2 by the end of the day.
This was an 11-month high after the company raised its revenue outlook and said it was ramping up spending on research and development, and sales.
Retirement village operator Arvida also reported earnings today, lifting its first-half net profit by 18% while underlying profit rose 46% from recent acquisitions. Net profit for the six months ended Sept 30 rose to $89.2m – up from $75.5m in the same six months last year.
Precinct Properties announced it was partnering with global private investment firm PAG with it paying $240m to acquire 40 and 44 Bowen St, which are on the campus of government buildings next to the Beehive and parliament.
The stock was down 1.6% to $1.21 today.
NZ’s largest glass processor Metro Performance Glass also reported its half-year earnings with the company recording a 78% jump to $5.6m in earnings before interest and tax. Metro's shares rose 3.8% to 19 cents.
Stocks that did not have a good day included Restaurant Brands which fell 6.3% to $6.55 and Pacific Edge which fell 5.1% to 46.5 cents.
Meridian Energy revealed it selected Woodside Energy as the preferred partner to move to the development stage of the proposed Southern Green Hydrogen project in Southland.
Meridian edged down 0.2% to $4.74 by the end of the day.
Today, the NZ dollar was trading at 61.68 US cents at 3pm in Wellington, down from 62.25 US cents yesterday.
Currency exchange OFX wrote this morning that the NZ dollar had “drifted downward” overnight due to investors adopting a cautious tone as the Chinese protests over the weekend upped risk aversion.
“We anticipate markets will consolidate positions through the week and in the lead into Friday’s all-important US non-farm payroll print,” it said.
| « NZ market tracks lower as retirement stocks perk up | Gentrack shares soar for a second day » |
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