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

 


MARKET CLOSE NZ shares drop as earnings disappoint

MARKET CLOSE NZ shares drop; Skellerup, Nuplex, Fletcher slide

Feb. 21 (BusinessDesk) – New Zealand shares fell, pushing the NZX 50 Index to a month-low as Skellerup Holdings and Nuplex Industries missed profit expectations and cut guidance, and Fletcher Building continued its correction following its results yesterday.

The NZX 50 fell 43.81 points, or 1 percent, to 4170.4, the lowest close since Jan. 18. Within the index, 26 stocks fell, 12 rose and 12 were unchanged. Turnover was a higher than average $193 million.

Skellerup fell 6.7 percent to $1.53 after the industrial rubber goods maker reported an 18 percent slump in first-half profit to $9.5 million, missing expectations, and cut its annual earnings forecast to $20 million.

Nuplex, the specialty chemicals maker, fell 4 percent to $3.33 after posting first-half profit that more than halved to $11.5 million and cutting its annual guidance, blaming the strength of the currency and weak trading conditions in Australia and Europe. Fletcher Building, which missed some analyst estimates on weak trading in Australia, fell 3.6 percent to $8.55.

“The market got ahead of itself on expectations and companies are missing those expectations,” said Grant Williamson, a director at Hamilton Hindin Greene. “The market is realigning back to healthier levels. It’s a healthy correct.”

OceanaGold, operator of the Macraes gold field, dropped 10 percent to $2.61 as the price of spot gold fell to a 7-month low.

Contact Energy declined 1.9 percent to $5.30 after parent Origin Energy posted a 34 percent drop in first-half profit and Standard & Poor’s cut its credit rating to BBB from BBB+.

Summerset Group, the retirement village operator, fell about 2 percent to $2.49 after Auckland Council turned down its application to build a new village in Hobsonville.

Auckland International Airport, the nation’s busiest gateway, was unchanged at $2.705 after posting an 11 percent increase in first-half profit and lifting its full-year guidance as growth in domestic passenger traffic made up for a decline in those from overseas. Some 8.9 million shares changed hands.

Port of Tauranga, the nation’s busiest export port, rose 0.3 percent to $13.85 after reporting record first-half earnings on increased volumes export volumes of dairy products, meat and logs. The company affirmed its full-year guidance.

AMP climbed 2.4 percent to $6.76 after reporting a 2.3 percent gain in full-year net profit to A$704 million.

Precinct Properties New Zealand, formerly known as AMP NZ Office, rose 2.4 percent to $1.05, leading gainers on the NZX 50. The property group this week announced an interim dividend of 2.56 cents from 2.5 cents a year earlier.

Vector rose 0.7 percent to $2.85 after reporting a 10.8 percent improvement in tax-paid profit for the six months to Dec. 31 to $118 million in a flat economy.

Ebos Group, the medical and pet supplies company, rose 0.6 percent to a record close of $9.15. This week it lifted first-half profit by 29 percent on the contribution of its Masterpet business, acquired a year earlier.

“The company came out with a fantastic result,” Williamson said.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>

BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>

Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>


BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Housing: More House Price Gains Expected

House price expectations remain high, with a net 56% of respondents expecting house prices will increase. Fears of higher interest rates are fading, consistent with the RBNZ’s signals this year. Affordability and a lack of houses for ... More>>

TDDA: State-Of-The-Art Drug Testing Laboratory To Open In Auckland

World leading drug testing agencies, The Drug Detection Agency (TDDA) and Omega Laboratories, open New Zealand laboratory More>>

Network: Bigpipe Launches Ultra-Fast Broadband Into Wellington

Bigpipe Launches Ultra-Fast Broadband into Wellington Naked broadband provider Bigpipe has extended its national reach, announcing today, the launch of its unlimited UFB offering into Wellington. The Spark Venture business is giving Wellingtonians the ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news