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

 


MARKET CLOSE: NZ shares mixed in post-results hiatus

MARKET CLOSE: NZ shares mixed in post-results hiatus; Mainfreight down, AIA up

March 22 (BusinessDesk) – New Zealand shares were mixed in the post-earnings, ex-dividend hiatus. Mainfreight extended its decline after saying earnings would miss estimates and Auckland International Airport rose after reporting monthly passenger growth.

The NZX 50 Index edged up 0.38 points, or 0.01 percent, to 4342.88. Within the index, 23 stocks fell, 16 rose and 11 were unchanged. Turnover was $114 million.

Mainfreight, the global transport group, declined 2.7 percent to $10.90. Yesterday it said operating earnings will be flat for the full financial year, with the second half weaker than the first six months.

Mainfreight’s announcement shows “even the best companies can face difficulties,” said Shane Solly, portfolio manager at Mint Asset Management.

Pumpkin Patch, the children’s clothing chain, fell 1.7 percent to $1.18. The retailer announced this week that it returned to profit in the first half as costs to close underperforming stores in the US and UK a year earlier weren’t repeated. Sales fell on tough trading conditions and inventory disruptions.

Profit was $4.7 million in the six months ended Jan. 31, from a loss of about $30 million a year earlier, the Auckland-based company said in a statement. Sales fell 5 percent to $153 million.

Solly said as a high dividend market, the fact that many companies have already paid their dividends has “taken a bit of heat out of the market.”

“We’re in a zone where people are thinking about what potential listings are coming down the line and the hiatus after earnings season,” he said.

Auckland Airport rose 1.4 percent to $2.82. The nation’s busiest gateway said today that domestic passenger numbers rose 6.1 percent in February and international climbed 3.8 percent.

Postie Plus Group rose 10 percent to 16.5 cents after reporting a wider first-half loss. The loss widened to $1.8 million from a loss of $775,000 a year earlier.

OceanaGold, the operator of the Macraes gold field, rose 6.3 percent to $3.40.

Air New Zealand rose 2 percent to $1.52 and A2, the milk company, gained 1.8 percent to 58 cents.

Fletcher Building, the biggest company on the index, fell 0.5 percent to $8.67.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Maritime: Navigation Safety Review Raises Big Issues For The Govt

Shipping Federation: "The reports makes it clear that the ratification of the Maritime Labour convention (MLC) is long overdue. Only when the MLC is ratified will Maritime NZ be able to inspect and enforce the labour conditions on international ships visiting our ports." More>>

ALSO:

100 Years After Einstein Prediction: Gravitational Waves Found

For the first time, scientists have observed ripples in the fabric of spacetime called gravitational waves, arriving at the earth from a cataclysmic event in the distant universe. This confirms a major prediction of Albert Einstein’s 1915 general theory of relativity and opens an unprecedented new window onto the cosmos. More>>

ALSO:

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news