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

 


MARKET CLOSE: NZ shares fall on Fletcher result; FPH gains

MARKET CLOSE: NZ shares fall on Fletcher result; F&P Healthcare gains on guidance

Feb. 20 (BusinessDesk) – New Zealand shares fell, led by Fletcher Building after the biggest company on the NZX 50 Index posted first-half earnings highlighting tough times in Australia. Fisher & Paykel Healthcare jumped after unexpectedly lifting its guidance.

The NZX 50 fell 29.97 points, or 0.7 percent, to 4214.24. Within the index, 25 stocks fell, 16 rose and nine were unchanged. Turnover was $169.6 million.

Fletcher, the Australasian building products and construction group, fell 4.8 percent to $8.87 after reporting a 1 percent increase in interim earnings, missing some estimates. It saw no immediate improvement in the Australian market, where the biggest earnings drop came from its Crane Group unit.

“Australia including Crane disappointed the market,” said James Lee, head of institutional equities at First NZ Capital. “It’s hard to see the Australian market turning around in the short term.”

F&P Healthcare, which makes breathing masks and respirators, climbed 7.7 percent to $2.52 after raising its full-year profit guidance to $75 million as demand for new breathing masks helps speed sales and margins widen. The company gets more than 50 percent of sales in US dollars.

“Healthcare surprised the market today,” Lee said. It has lifted guidance “despite a much stronger currency. The market will assume that it’s slightly conservative as well.”

Trade Me Group, the auction website, fell 2.3 percent to $4.31. The company lifted first-half profit 2.7 percent to $37.4 million. That was just below Forsyth Barr analyst Rob Mercer’s forecast of $38.1 million though it beat the company’s prospectus forecast.

Warehouse Group, the biggest retailer on the bourse, fell 3.7 percent to $3.40. Hallenstein Glasson Holdings, the clothing chain, fell 1.5 percent to $5.35.

Contact Energy rose 2.9 percent to $5.40 having announced yesterday that first-half profit rose 29 percent to $88 million as the impact of low wholesale electricity prices offset flat demand and shrinking margins on retail electricity sales.

NZX fell 2.3 percent to $1.25. The stock exchange operator this week posted a 32 percent decline in full-year profit as one-time costs contributed to expenses growing faster than sales.

Ebos Group, which posted earnings late yesterday, rose 2.3 percent to $9.10. The healthcare and animal care products company lifted its interim profit by 29 percent thanks to contribution from the Masterpet business.

APN News & Media, whose chairman and chief executive left this week over a disagreement with major shareholders on capital raising, was unchanged at 35 cents on the NZX. The yield on its exchange-listed March 2016 bonds, which pay a coupon of 7.86 percent, jumped to 17 percent, according to NZX figures.

Seeka Kiwifruit Industries rose 4.2 percent to $1.25 after posting full-year earnings before tax, impairment, revaluations and restructuring of $8.9 million, beating its guidance range of $5.7 million to $6.4 million.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Budget Building Battle: Bill English Blames Council On Housing

The Nation: Finance Minister blames Auckland Council for housing shortage, saying it is responsible for land, housing and infrastructure supply in the city, while government provides rental subsidies... More>>

ALSO:

Megiaglommeration: NZME And Fairfax Apply For Authorisation To Merge

The Commerce Commission has received an application from Wilson and Horton Limited (trading as NZME) and Fairfax NZ Limited seeking authorisation to merge their media operations in New Zealand. More>>

ALSO:

Brewing: Lion To Buy Cult Upper Hutt Brewer Panhead

Lion - Beer, Spirits and Wine (NZ), New Zealand's biggest beer maker, has agreed to buy Panhead Custom Ales from the family of founder Mike Neilson, its second such purchase of a popular craft brewer after the acquisition of Dunedin-based Emerson's Brewing Co in 2012. More>>

ALSO:

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news