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

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news