Local bourse bucks global slide on Fisher & Paykel result

The S&P/NZX 50 Index rose 123.31 points, or 1.1 percent, to 11,252.54. Within the index, 24 stocks fell, 20 rose, and six were unchanged. Turnover was $106.3 million.

The benchmark’s largest stock rose 4.7 percent to a record $33.50 after it beat its earnings guidance, reporting a 37 percent lift in annual profit as demand for its products to treat covid-19 patients soared. Net profit was $287.3 million, up from $209.2 million a year earlier.

The medical devices maker said demand for its respiratory humidifiers had accelerated since early January. While the company does not make ventilators, its range of devices used to aid breathing in surgery were put to use treating less severe cases.

Mark Lister, head of private wealth research at Craigs Investment Partners, said Fisher & Paykel was almost singlehandedly driving the market higher with its “stunning” result.