Heartland highlight in NZ shares reporting season
The S&P/NZX 50 Index rose 61.86 points, or 0.5 percent, to 11,935.84. Within the index, 32 stocks gained, 11 fell, and seven were unchanged. Turnover was $139.4 million.
Heartland rose 2.2 percent to $1.89 after announcing net profit for the six months ended December rose to $39.9 million from $33.1 million in the corresponding prior period.
Head of research at Fat Prophets, Greg Smith, said this was a good result considering the cloud of higher capital restrictions hanging over the banking sector.
Heartland said the current low-interest rate environment contributed to an easing of net interest margin by 7 basis points to 4.27 percent, a headwind Smith said would also ease as the Reserve Bank indicated it would not lower the official cash rate any further.
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