Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

MARKET CLOSE: NZ shares gain as Fletcher, Diligent, FPH rise

MARKET CLOSE: NZ shares gain as Fletcher rerated, Diligent at record, FPH rises

Nov. 22 (BusinessDesk) - New Zealand stocks rose as investors cheered Fletcher Building’s forecast for higher annual profits, Diligent Board Member Services climbed to a new record and Fisher & Paykel Healthcare lifted earnings.

The NZX 50 Index rose 25.98 points, or 0.7 percent, to 3997.21, having briefly risen above 4000 for only the second time since January 2008. Within the index, 31 stocks rose, eight fell and 11 were unchanged. Turnover was $122 million.

Fletcher Building, the biggest company on the exchange by market value, rose 1.4 percent to $7.84, the highest close in 13 months. The company told shareholders at the annual meeting this week that operating earnings will grow by as much as 22 percent in 2013 financial year as new home construction accelerates.

“We’ve really seen the stock being rerated,” said Mark Warminger, portfolio manager at Milford Asset Management. “Going into the AGM the market was expecting a downgrade to guidance.”

Diligent rose 3 percent to $4.74, a record close. Last week it said revenue soared 145 percent in the three months to Sept. 30 and margins widened as the company’s corporate governance product begins to gain scale in key markets.

F&P Healthcare, which makes breathing masks and respirators and gets 51 percent of sales in US dollars, rose 2.1 percent to $2.49. The Auckland-based manufacturer beat its guidance with an 18 percent gain in first-half profit, making record sales while keeping a rein on costs and widening its margins.

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

Profit in the full-year would also beat its estimate, helped by the rollout of new products, it said.

Dorchester Pacific, the finance and insurance company, rose 4 percent to 26 cents after narrowing its first-half loss and reiterating its target for a full-year profit, helped by earnings from recently acquired debt collector EC Credit Control.

Pumpkin Patch, the children’s clothing chain, fell 2.4 percent to $1.21 and was the biggest decliner on the index. Sky City Entertainment, the hotel and casino operator, fell 0.8 percent to $3.77.

Telecom, the biggest phone company on the exchange, rose 0.6 percent to $2.35. Tower, the insurer that agreed to sell its medical insurance unit, gained 1.1 percent to $1.90.

Port of Tauranga fell 1.1 percent to $13.15, bringing its gain this year to 32 percent. Goodman Fielder, the Australasian food manufacturer, climbed 6.6 percent to 81 cents.

(BusinessDesk)

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.