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

 

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