by BusinessDesk
The S&P/NZX 50 index fell 18.2 points, or 0.2%, to 11,876.35. Turnover was $134.5 million.
Meridian edged up 0.8% to $5.35 today after releasing its half-year result. It showed the benefit of the winter storms which filled its South Island hydro lakes as well as a 5% increase in customer sales volumes which underpinned a 24.8% increase in underlying profit.
“Operating earnings also benefited from $51m of electricity hedge close outs,” chief executive Neal Barclay said.
Devon Funds head of retail Greg Smith said wet weather and better than average hydro inflows had been a tailwind for Meridian and the company more than doubled the size of its renewable development pipeline of buildable options to 11,100 GWh.
In terms of the wider economy, ASB senior economist Chris Tennent-Brown said ANZ’s latest business outlook survey, which came out yesterday, showed confidence had improved 9 points in February but still showed a net 43% of respondents pessimistic about the economy.
“Our take-outs are: activity measures were slightly less negative; inflation gauges eased a touch more; but cost expectations are still extremely elevated and stickier in coming down,” he wrote.
Ryman Healthcare jumped 4.6% to $5.50, the first day after its $902m rights issue came to an end.
The retirement villager operator’s shares were trading at $6.40 per share before the capital raising was announced on Feb 15.
Metro Performance Glass rose 8.1% to 20 cents. Last week, the company said it expected to achieve group earnings before interest and tax (Ebit) of between $11m and $12m for the 2023 financial year.
Heartland Group was down 1.1% to $1.19 after it said its first-half net profit was up 2.4%. The underlying result was up 16.2%, with the bottom line dragged down by fair value losses, including its stake in Harmoney. Net profit for the six months ended December rose to $48.7m from $47.5m in the same six months a year earlier.
Napier Port was flat at $2.61. The port operator said cruise ships will next week return to Hawke’s Bay for the first time since Cyclone Gabrielle devastated the region.
Port of Tauranga edged down 0.2% to $6.20 today.
Pushpay Holdings was put in a trading halt while it prepares an announcement related to proxy votes ahead of its special meeting. Shareholders of the church management software company have been casting proxy votes for or against a scheme of arrangement, which would allow BGH Capital and Sixth Street to take the firm private at $1.34 a share.
Before the trading halt, Pushpay was up 0.8% to $1.28 at midday.
Global cinema software provider Vista Group posted a $20.9m annual net loss today, but its operating profit for calendar 2022 was up 63% as cinema attendance partly rebounded and it continues to switch to a cloud-based subscription model. The shares rose 2.1% to $1.47.
Shares of Me Today dropped 28.6%, or 0.4 of a cent, 1 cent after announcing first-half operating loss before interest, taxes, depreciation and amortisation of $3.1m.
The New Zealand dollar was trading at 61.68 US cents at 3pm in Wellington, from 61.66 cents on Friday.
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