[Market Close] Fonterra units jump on earnings guidance

Fonterra Shareholders’ Fund Units rose on New Zealand’s market today after the dairy co-op hiked its earnings guidance.

Today the S&P/NZX 50 index edged up by 6.2 points, or 0.05%, to 11,617.14. Turnover was $130 million.

The dairy co-op lifted its earnings guidance to 50-to-70 cents per share, implying earnings of between $806.2m and $1.13 billion, from 45-60 cents per share, or $725.5m-to-$967.4m.

Jeremy Sullivan, an investment adviser at Hamilton Hindin Greene, told BusinessDesk that Fonterra’s news was the “story of the day”.