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, December 7th, 8:03AM

Investments

rss
The Markets

NZ market falls as earnings season kicks off

New Zealand’s earnings season kicked off today with Contact Energy first out of the gate and a surprise earnings downgrade from Fletcher Building, which dragged the local index lower.

Monday, February 13th 2023, 6:10PM

by BusinessDesk

The S&P/NZX 50 index fell 103.6 points, or 0.9%, to 12,075.18. Turnover was $91.4 million.

Peter McIntyre from Craig’s IP said building and healthcare stocks had helped drag NZ’s market lower today as shareholders wrapped their heads around gloomy company updates.

Fletcher Building fell 5.4% to $5.13 and traded almost $19m by the end of the day. It surprised the market this morning by announcing its first-half results which were to be officially released this Wednesday.

The company downgraded its full-year guidance but revealed its first-half operating profit was up 8%. Earnings before interest and tax (Ebit) for the year ending June are now expected to come in between $800m and $855m. 

This is down from its previous guidance of $855m or more, which Fletcher said reflected the bad weather in January and February.

“These latest weather-related events could cause disruption with the workflow, but, also, on the other hand, it may be a benefit to them too, in the longer run,” McIntyre said.

Energy retailer Contact Energy also announced its first-half result today. In doing so, it revealed a $120m pre-tax write down caused by reduced storage capacity in the Ahuroa gas storage facility in Taranaki had pushed the company to a net $7m loss for the six months to Dec 31.

As a result, Contact’s net profit for the half was still down 41% to $79m from $134m in the same period a year earlier.

Contact Energy managed to edge up 0.5% to $7.82 by early evening.

Auckland-based electricity lines company Vector was up 0.7% to $4.33. It announced this afternoon that about 13,000 homes were without power.

“The numbers continue to go up and down,” Vector said in an update. “Thousands have been restored since our previous update, while new ones have cropped up, and some are taking much longer to reach and fix.”

Across other energy retailers, Genesis Energy was down 0.2% to $2.865, Meridian fell 1.1% to $5.33, Mercury Energy edged up 0.7% to $6.33 and Manawa Energy was down 1.6% to $5.42.

ANZ Bank was down 1% to $28.10. Westpac also fell 1.3% to $25.90.

Westpac extended its relief options today for customers in regions affected by the cyclone which include Tairāwhiti, Northland, Auckland and Thames-Coromandel.

Summerset Group also helped drag the market lower and fell 2.8% to $9.70. Meanwhile, Ryman Healthcare jumped 3.2% to $6.53.

The NZ dollar was trading at 63.06 US cents at 3pm in Wellington today, up slightly from 63.27 US cents at the same time on Friday.

Tags: Market Close

« NZ King Salmon shares bounce up almost 10%Vulcan Steel result drives share price plummet »

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
  • Advisors must take note of supervisor guidelines on AML/CFT
    “When I read this, the following memory plucked a note. Venue was a US financial planning conference maybe 30 years ago. Speaker...”
    21 hours ago by Murray Weatherston
  • Partners kills its matrix
    “@Backstage, thanks. I agree there is no relationship to CoFI, though, from a service perspective, I have two other providers...”
    3 days ago by JPHale
  • Partners kills its matrix
    “Partners Life has decided to stop using its COM for advisers as it believes the system may breach the CoFI regulations which...”
    4 days ago by Amused
  • Partners kills its matrix
    “Insurance companies should stick to their lane. They are not advisers and even those that employ advisers should not be crossing...”
    4 days ago by Tash
  • [GRTV] The nitty gritty of Smart’s ETFs
    “Advisors should consider all gateways into investment markets including cheaply priced ETFs to provide access to low priced...”
    4 days ago by Pragmatic
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
AIA - Back My Build 4.94 - - -
AIA - Go Home Loans 7.49 ▼5.79 ▼5.49 ▼5.59
ANZ 7.39 6.39 6.19 6.19
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.79 5.59 5.59
ASB Bank 7.39 ▼5.79 ▼5.49 ▼5.59
ASB Better Homes Top Up - - - 1.00
Avanti Finance ▼7.90 - - -
Basecorp Finance ▼8.35 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.54 - - -
BNZ - Rapid Repay 7.54 - - -
BNZ - Std 7.44 ▼5.79 ▼5.59 5.69
BNZ - TotalMoney 7.54 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.69 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 6.95 5.79 5.59 5.69
Co-operative Bank - Standard 6.95 6.29 6.09 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - ▼5.99 ▼5.89 -
First Credit Union Standard ▼7.69 ▼6.69 ▼6.39 -
Heartland Bank - Online 6.99 ▼5.49 ▼5.39 ▼5.45
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.60 6.65 6.40 -
ICBC 7.49 ▼5.79 ▼5.59 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.25 6.89 6.59 6.49
Kiwibank - Offset 7.25 - - -
Kiwibank Special 7.25 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 7.94 ▼5.75 ▼5.99 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.49 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 4.94 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.19 6.49 ▼6.39 ▼6.39
TSB Special ▲8.64 ▲6.74 ▲6.49 ▲6.39
Unity 7.64 ▼5.79 ▼5.55 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society ▼7.70 ▼5.95 ▼5.75 -
Westpac 7.39 6.39 6.09 6.19
Westpac Choices Everyday 7.49 - - -
Westpac Offset 7.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 5.79 5.49 5.59
Median 7.54 5.99 5.89 5.69

Last updated: 6 December 2024 9:11am

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