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 13th, 10:20AM

Investments

rss
The Markets

NZ sharemarket holds steady as Ebos dips

Ebos Group slumped more than 6% after pulling out of discussions on a billion-dollar acquisition, but the New Zealand sharemarket held steady.

Wednesday, November 22nd 2023, 6:17PM

by BusinessDesk

The S&P/NZX 50 Index fell early to 11,099.34 but recovered strongly to close at 11,169.8, up 5.38 points or 0.05%, while the five-day rally on Wall Street ended.

There were 66 gainers and 58 decliners on the local market, with 28.13 million shares worth $116.87m changing hands.

Greg Smith, head of retail with Devon Funds Management, said markets in the United States were disappointed that the Federal Reserve minutes did not indicate a cut in interest rates anytime soon.

The Dow Jones Industrial Index declined 0.18% to 35,088.29 points; S&P 500 was down just 0.2% to 4538.19; and Nasdaq Composite shed 0.59% to 14,199.98.

Smith said investors were equally disappointed in the local market that Ebos was not proceeding with a deal. The transaction would have made Ebos a bigger company on the NZX board, and that would have been good for capital markets.

Ebos, a leading Australasian medical products distributor, resumed trading for the first time since Thursday and fell $2.45 or 6.35% to $36.15 after telling the market it had been in discussions on a potential strategic transaction related to its animal care segment. These discussions had concluded, and a transaction would not proceed.

It was speculated that Ebos was lining up Australian pet care company Greencross, carrying a value of $3.5 billion.

In a trading update, Ebos said it has had a pleasing start to the 2024 financial year, with underlying earnings up 8.8% and revenue 8.2% for the four months ending October.

Turners Automotive surged 33c or 7.76% to $4.58 after reporting a record six months ending September. Revenue was up 16% to $214.23m, operating earnings (Ebit) increased 16% to $30.2m, and net profit was $18.5m, up 8%.

Turners is paying a second-quarter dividend of 6c a share on Jan 26. The auto retail division traded strongly with increased sales and is targeting a 10% market share. Turners said the full year looks like it is well ahead of the 2023 financial year, which recorded $389.63m in revenue and $32.56m in profit.

Market leader Meridian Energy increased 9c or 1.8% to $5.10; Infratil rose 21c or 2.13% to $10.06; Napier Port gained 5c or 2.17% to $2.35; Port of Tauranga was up 11c or 2.12% to $5.31; and Seeka added 15c or 5.77% to $2.75.

Vista Group gained 4c or 2.84% to $1.45 after announcing a five-year agreement with leading European chain Pathe Cinemas, which will install the Vista Cloud enterprise platform into its 129 sites with more than 1300 screens.

Scott Technology, which recently swatted off a takeover offer, rose 19c or 5.74% to $3.50 after providing a positive outlook to its shareholders at the annual meeting.

Oceania Healthcare, down 2c or 2.82% to 69c, reported half-year revenue of $131.61m, up 8%, with a 13% increase in sales to 255, including a 38% uplift in new sales of retirement units and care suites. Total assets increased to $2.7b, and operating cash flow was $48m, up 53%.

Other retirement village stocks, Ryman Healthcare, reporting next week, declined 23c or 4.17% to $5.29 on trade worth $18.85m, and Summerset Group, which is coming out of the MSCI Index, was down 13c to $9.62 on trade of $11.36m.

Manawa Energy was down 9c or 1.94% to $4.54; Comvita declined 7c or 2.33% to $2.93; a2 Milk declined 11c or 2.53% to $4.24; Serko shed 7c to $4.12; and KMD Brands was down 2c or 2.47% to 79c.

Tags: Market Close

« NZ sharemarket slips as Wall St rally continuesNZ sharemarket adrift and directionless »

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
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 6.19 - - -
AIA - Go Home Loans 8.74 7.14 6.75 6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.14 6.79 6.65
ASB Bank 8.64 7.14 6.75 6.39
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.14 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.74 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.49 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.89 6.55 6.35
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.74 7.35 6.99
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.65 7.25 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 8.74 7.74 7.09 6.95
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 7.14 6.49 6.35
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Lender Flt 1yr 2yr 3yr
Westpac 8.64 ▼7.49 7.35 6.99
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - ▼6.89 6.75 6.39
Median 8.64 7.14 6.82 6.65

Last updated: 11 July 2024 1:26pm

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